Morgan Sindall Group Regulatory News (MGNS)

27 Jul 2007 14:41

AMEC PLC27 July 2007 AMEC plc - Disposal 27 July 2007 AMEC plc ("AMEC") Divestment of Property Developments and Building and Civil Engineering businesses AMEC today announces that the sale of its Property Developments and Building andCivil Engineering businesses to Morgan Sindall plc ("Morgan Sindall") has beencompleted. This follows the approval of Morgan Sindall shareholders, receivedat an Extraordinary General Meeting held earlier today. As first announced on 4 June 2007, Morgan Sindall agreed to pay a £55 millionpremium to aggregate net assets as at 30 April 2007. In the year ended 31 December 2006, the businesses had, in aggregate, over2,800 employees, and generated revenues of £758 million and losses of £14million before interest, tax and intangible amortisation but after exceptionalitems* of £15 million. Gross assets at 31 December 2006 were £233 million. * excluding contracts retained by AMEC Enquiries to: AMEC plc +44 (0)20 7539 5800 Analysts and investors:Samir Brikho, Chief ExecutiveStuart Siddall, Finance DirectorNeil Jamieson, Director of Investor Relations Media: Sue Scholes, Director of CommunicationsFrank Stokes, Media Relations Manager +44 (0) 7712 008356 Notes to editors AMEC plc is an international project management and services company thatdesigns, delivers and supports infrastructure assets for customers across thepublic and private sectors. AMEC employs more than 16,000 people in its corebusinesses, working from a network of offices throughout the UK, US and Canada,as well as regional offices and projects worldwide. AMEC's shares are traded onthe London Stock Exchange where the company is listed in the Support Servicessector (LSE: AMEC.L). Internet users will be able to view this announcement, together with otherinformation about AMEC plc, at the company's web site www.amec.com N M Rothschild & Sons Limited ("Rothschild") and UBS Limited ("UBS") are actingas financial advisers to AMEC in relation to the transaction. Rothschild and UBS are acting exclusively for AMEC and are not acting for anyother person in relation to the transaction and will not be responsible to anyperson other than AMEC for providing the protections afforded to clients ofRothschild and UBS Limited or for providing advice in relation to the contentsof this announcement or the transaction. Morgan Sindall plc is a top ten United Kingdom construction group employing over5,000 people. Leading businesses operate within four specialist divisions ofaffordable housing, fit out, construction and infrastructure services. MorganSindall shares are traded on the London Stock Exchange where the company islisted in the Construction Sector (LSE: MGNS:L). For further information on Morgan Sindall visit: www.morgansindall.co.uk ------------------------------------------------------------------------ This information is provided by RNS The company news service from the London Stock Exchange