MOGP.L Regulatory News (MOGP)

1 Dec 2009 17:56



Mountfield Group plc

("Mountfield" or the "Company")

Mountfield Land 

Mountfield Group plc (AIM:MOGP), a provider of integrated specialist construction support services, announces that following the closure of Mountfield Land's (¨ML¨) East Grinstead office that company's operations have been moved to the Group's head office in Wickford.  Chris Baron who managed the East Grinstead office has left its employment. 

In addition, Chris Baron, a significant shareholder in the Company, has transferred 7,500,000 fully paid ordinary shares of 0.1p each in the Company ("Ordinary Shares"), representing 4.37 per cent. of the Company's issued share capital to the Company otherwise than for valuable consideration that is, without any cash or other form of consideration having been paid for them. The Ordinary Shares will be held by the Company as though they were in treasury until disposed of or cancelled. As a result of this, Chris Baron now no longer holds any Ordinary Shares in the Company.

Graham Read, the Chief Executive of Mountfield, commented that: ¨The closure of the East Grinstead office follows a Board decision to change the strategy for ML. This now concentrates on substantial social housing schemes, particularly those for which Mountfield Building Group Limited would be able to undertake the design and construction. ML is currently in negotiations for a number of such schemes and the Board is optimistic that this area will become one which will produce significant income for the Group.¨

Following the transfer, the Company's issued share capital will comprise 163,811,787 ordinary shares of 0.1p each with voting rights. 

The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FSA's Disclosure and Transparency Rules.

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Notes to editors

Mountfield Group is a provider of specialist construction and property services. The Group's principal activity is the internal construction and fit out of data centres for in a broad range of industry sectors including telecoms, IT banking and retail. Mountfield Group listed on the AIM market of the London Stock Exchange in October 2008. The Group consists of three integrated businesses and intends to acquire additional businesses that will add further complimentary services and cross-selling opportunities.

Mountfield Building Group

Established in 1987, the company has two divisions; direct contracting and trade contracting services. The direct contracting division works as the main contractor with the end user clients. This division specialises in the nationwide installation of data centres for large companies. The trade contract division delivers specialist building work and multi trade packages and refurbishment for main development contractors. Clients include Cable and Wireless, Colt Communications, ISG PLC and Skanska.

Connaught Access Flooring ("Connaught")

Formed in 1992, Connaught is a provider of flooring systems to both main contractors and corporate end users. The Company has established itself as one of the few recognised specialists for fitting commercial office space for corporate end users. It has delivered fit out and refurbishment projects for end users such as BP plc, Standard Chartered Bank, and Unilever plc. 

Mountfield Land

Mountfield Land sources and enhances the value of land before selling its interest to developers. The company develops brownfield sites and residential gardens and/or private dwellings to create residential development opportunities. It does not purchase the sites, instead it seeks an option over the site and a share of the completed value of the land before it assigns the options to a developer, housing association or registered land owner.

For the year ended 31 December 2008, Mountfield Building Group generated revenues of £16.2 million and a profit before tax ("PBT"). For the year ended 31 March 2008, Connaught Access Flooring Holdings Limited generated revenues of £5.85 million with PBT of £1.04 million. Mountfield Land Limited was incorporated in February 2008 and is yet to contribute to the Group.

Further information can be found at www.mountfieldgroupplc.com