Inspirit Energy Regulatory News (INSP)

1 Sep 2006 07:01

Inspace Plc01 September 2006 Press Release 1 September 2006 Inspace plc ("Inspace" or "the Company") Completion of acquisition Directorate Change Holding in Company Inspace plc (AIM:INSP), one of the UK's leading specialist service providers tothe social housing market, is pleased to announce the successful completion ofthe acquisition of Widacre Limited ("Widacre"). The final consideration is£57.8 million based on the closing mid-price of 100.5p per share as at 31 August2006. Application has been made for the 13,201,320 Consideration Shares to beadmitted to AiM and admission is expected to become effective at 8.00 a.m. on 8September 2006. The Consideration Shares will rank pari passu in all respectswith the existing Ordinary Shares in issue. Commenting on the completion of the acquisition of Widacre, Andrew Telfer, ChiefFinancial Officer of Inspace plc, said: "This acquisition now positions Inspaceas one of the UK's only specialist support service providers able to meet theneeds of UK social housing landlords through a fully integrated repair andmaintenance, stock reinvestment and new build service. The acquisitionsubstantially increases Inspace's earnings visibility and, importantly,complements our existing customer support by delivering new build contractsthrough open-book partnered and cost-plus relationships. Overall, we believethat the Company is now very well placed to take advantage of central governmentpolicies relating to the delivery and funding of social housing projects." The Company is also pleased to announce today the appointment of Chris Durkin asa director and Chief Operating Officer of its Social and Affordable Housingdivisions with immediate effect. Chris has twenty five years of relevantexperience having joined Willmott Dixon as a management trainee in 1981. He hasspecialised in social housing since 1990, during which time he has held avariety of senior executive roles, including managing director of WillmottDixon's social housing subsidiaries. In 1999, he was appointed Chief OperatingOfficer of Willmott Dixon's social house building division, and oversaw itsexpansion into affordable housing. He has been instrumental in the strategicand operational development of the acquired businesses. Chris Durkin is aMember of the Chartered Institute of Building and was elected to the Board ofThe Housing Forum. On the appointment of Chris Durkin to the Board of Inspace plc, Andrew Telferadded: "We are delighted to welcome Chris to the Board as he has significantexperience and industry knowledge and is seen as a key figure in the futuregrowth and development of our Social and Affordable Housing interests." Christopher Simon Durkin, aged 43, holds the following directorships: Willmott Dixon Housing Limited Widacre Limited Widacre Homes Limited Widacre Homes (Pershore) Limited Tredegar Development Company Limited T3B Development Company Limited Widacre Lifespace Limited (formerly Circle 33 Widacre Homes Limited) Ashvale Court (Tredegar) Management Limited Bevan Court (Tredegar) Management Limited Garway Court (Tredegar) Management Limited Heathfield Court (Tredegar) Management Limited Priory Court (Pershore) Management Limited Own Space Homes Limited Key London Alliance Limited There is no other information that requires disclosure under Schedule 2paragraph (g) of the AIM Rules. Following the completion of the acquisition of Widacre, the Company has beeninformed by the following shareholders of their interest in the enlarged issuedshare capital of Inspace: Consideration shares Number of ordinary % of enlarged shares now held issued share capital Willmott Dixon Limited 11,220,087 18,016,129 22.24Mr CS Durkin 82,343 422,163 0.52Mr C Enticknap 140,704 4,403,369 5.44Mr RJ Willmott 140,704 6,019,239 7.43 The Board of Inspace understands that Willmott Dixon Limited is putting in placearrangements to distribute in specie to the shareholders of Willmott DixonLimited around 9.5 million consideration shares it received as part of theacquisition of Widacre. The shareholders of Willmott Dixon Limited would besubject to the same lock-in provisions on the consideration shares as enteredinto by Willmott Dixon Limited. - Ends - For further information:Inspace plcAndrew Telfer, Chief Financial Officer Tel: +44 (0) 1462 678 910andrew.telfer@inspace.co.uk www.inspace.co.uk Seymour PierceMark Percy, Corporate Finance Tel: +44 (0) 20 7107 8000markpercy@seymourpierce.com www.seymourpierce.com Media enquiries:AbchurchHenry Harrison-Topham Tel: +44 (0) 20 7398 7700henry.ht@abchurch-group.com www.abchurch-group.com Notes to editors: Inspace plc is a property based support services group, and one of the UK'sleading specialist service providers to the social housing market. Subsequent to the completed acquisition of Widacre Limited on 31 August 2006,Inspace now has three complementary areas of activity: Social Housing,Affordable Housing and Corporate Assets. Social Housing - creating and maintaining sustainable homes The division is one of the UK's leading specialist support service providers tosocial housing landlords through long term framework contracts. Its servicescomprise major 'repair and maintenance', 'stock reinvestment' and new buildprogrammes for local authorities, Arms Length Management Organisations (ALMO)and Registered Social Landlords (RSLs). Total spending on social housing is currently around £14 billion per annum, ofwhich around £10.3 billion is spent on repair, maintenance and improvement. Ofthis, £4 billion is spent on ongoing repair and maintenance, with the remaining£6 billion being spent on capital projects such as major refurbishment andimprovement. This includes a contribution of between £1 billion and £2 billiona year from the Decent Homes initiative. The provision of new housing, which iscurrently running at around 35,000 units a year, adds a further £3.5 billion tothis sum. Affordable Housing - developing integrated communities The Affordable Housing division specialises in the provision of low cost homesfor sale in partnership with RSLs, usually alongside social housing built by theSocial Housing division, as part of more extensive mixed tenure schemes. It hasalready established a number of joint venture companies with RSLs and throughits involvement in the Key London Alliance consortium, has been appointed toprovide mixed tenure developments under the Government's London Wide Initiative. Corporate Assets - improving and maintaining public and private real estate The Corporate Assets division provides a comprehensive repair, maintenance,capital works and interior design service across public and private sectornon-residential real estate. It delivers 24/7 integrated maintenance servicesacross England, Scotland and Wales through its national network of branches and'home based' mobile engineers. Its specialist design-led service offerscustomers an integrated interior design, installation and furnishing 'one stop'solution. Further information on Inspace can be found at www.inspace.co.uk This information is provided by RNS The company news service from the London Stock Exchange