New World Oil And Gas Regulatory News (NEW)

18 May 2006 07:45

Newcourt Group plc18 May 2006 NEWCOURT GROUP PLC ACQUISITION OF INTERACTION 18 MAY 2006 Newcourt Group plc ("Newcourt"), the support services group, announces that ithas acquired Ecom Interaction Services Limited ("Interaction"). The acquisitionbrings Newcourt into the business processes sector in areas such as transactionmanagement, technical support, customer management, and sales and marketingsupport. Interaction's focus is on working with a broad range of leading companiesincluding those in the telecoms, insurance, marketing and FMCG industries. Interaction has its headquarters in Clonakilty, Co. Cork and its Dublinoperation is based in the Leopardstown Office Park. Interaction has grownrapidly over the past 2 years and employs approximately 80 people. Interaction was founded by Karl Llewellyn and Bernard Llewellyn. Karl willcontinue in his role as Chief Executive Officer and Bernard will continue asNon-Executive Chairman. Ted O'Neill and Hugh O'Neill from Newcourt will joinInteraction's Board of Directors. The consideration for the acquisition comprises an initial payment of €1.984m oncompletion, €1.593m of which will be in cash with the remainder being satisfiedthrough the issue of 276,847 Newcourt shares at a price of €1.41 per share. Anadditional €1.200m will be paid 9 months later, with €0.605m of theconsideration being cash and the remainder being satisfied through the issue ofNewcourt shares based on the prevailing market price at the time. Additionalamounts will be payable based on the financial performance and levels of growthin profitability of Interaction over the next two years. The maximum additionalconsideration payable under these arrangements has been capped at €14.316m.Newcourt expects the acquisition to enhance earnings in the current year. The Newcourt shares being issued as part of the consideration are subject to aone year lock-up. Application will be made for the new ordinary shares to beadmitted to trading on the IEX market of the Irish Stock Exchange and the AIMmarket of the London Stock Exchange. Based on the unaudited management accounts for the 6 months ended 31st March2006, Interaction had turnover of €1.7m and EBITDA of c.€300,000. The net assetsbeing acquired are in excess of €1.6m. For the 9 months ended 30th September 2005, Interaction's audited turnover was€2.368m and its audited EBITDA was €83,606. The performance for this periodreflects the investment by Interaction in broadening its service offering. Thenet assets at this date were in excess of €1.721m. Ted O'Neill, Newcourt Group Chief Executive said: "The acquisition of Interaction will broaden the range of support servicesNewcourt can offer to its customer base. The business processes sector providesexciting growth opportunities and Interaction is building a strong reputation inthis area. This acquisition adds to Newcourt's growth potential, is earningsenhancing and continues Newcourt's programme of building a strong supportservices group. I look forward to working with Karl and his colleagues over thecoming years in further developing the business." Karl Llewellyn, founder and Chief Executive of Interaction said: "In joining Newcourt, Interaction will continue to provide the same high levelsof service to its existing clients, while continuing its strong growth profilethrough entering Newcourt's key niche markets." Newcourt is an Irish based support services group listed on the AIM market ofthe London Stock Exchange and the IEX market of the Irish Stock Exchange.Interaction is the group's fifth acquisition since coming to the market latelast year. For further information please contact: Newcourt Group plcTed O'Neill, Group Chief Executive Mobile: + 353 86 8214467 Ecom Interaction Services LimitedKarl Llewellyn, CEO Tel: +353 1 4710000 Murray ConsultantsJoe Murray Tel: + 353 1 4980300 Mobile: + 353 86 2534950 Key CapitalKen Mintern, Director Tel: +353 1 6383838 This information is provided by RNS The company news service from the London Stock Exchange