Hummingbird Resources Regulatory News (HUM)

13 Feb 2006 07:00

Farley Group PLC13 February 2006 Farley Group plc ("Farley" or the "Company") Proposed Acquisition of Moretons Farley, the independent estate agent specialising in selling, letting andmanagement of property, is pleased to announce they have signed an exclusiveheads of terms which may or may not lead to the acquisition of Moretons, aWestminster based company which specialises in block management with over 2,500units under management as well as a leading residential sales and lettingsbusiness in the London SW1 area. On completion of the deal, the whole of the Farley block management businesswould trade under the Moretons name, with Moretons residential sales andlettings business trading under the name of Farley & Co. The maximum consideration to be paid for Moretons will be £2 million payableover the next 18 months, of which up to £1 million will be payable in cash. The proposed acquisition is expected to be earnings enhancing in its first year. For further information contact: Max Ziff Farley Group plc 07802 472 774Nicholas Hurst Moretons 0207 932 1391John Prior Corporate Synergy 0207 488 4400Julia Arnold Sky Communications 0207 385 6999 Ends This information is provided by RNS The company news service from the London Stock Exchange