Last checked at 30 Jun 2008 16:12
Northern Bear Plc
("Northern Bear" or the "Company")
Results of the Annual General Meeting
At Northern Bear's Annual General Meeting, held today, all resolutions were duly passed.
At the AGM, Jon Pither (Chairman) stated: "Despite a generally unfavorable economic climate, I am very pleased to report that Northern Bear has started the current financial year satisfactorily. All of our businesses have had a successful first quarter and we are currently evaluating a number of acquisitions which would complement our existing businesses, each of which are expected to continue trading successfully in the current economic conditions. In line with our stated acquisition strategy of acquiring well established, cash generative building services businesses based in the North of England these acquisitions, if completed, would benefit the group and enhance our earnings per share.
"I would also like to take this opportunity of thanking Marcus Yeoman for his efforts and support as a Non-Executive Director, who will be stepping down from the Board after today's AGM."
-Ends-
Enquiries please contact:
Northern Bear Plc
Graham Forrest, Chief Executive
0191 371 2934
Strand Partners Limited
James Harris / Braden Saunders
020 7409 3494
St Helen's CapitalRuari McGirr
020 7628 5582
Cardew Group
Tim Robertson / David Roach
020 7930 0777
For further information on the Company please visit www.northern-bear.com
Notes to Editors
Northern Bear is the holding company for a growing portfolio of northern based building services businesses, currently comprising 12 businesses in total. The Company is focused on acquiring well established, cash generative building services businesses based in the North of England in order to expand the portfolio of building services that the group currently offers. Northern Bear is committed to diversifying its customer portfolio, and is successfully implementing its policy to further develop its business away from the cyclical "New Build" housing sector, which is expected to contribute less than 15% of Northern Bear's turnover in the current financial year. Northern Bear is listed on the AIM market of the London Stock Exchange under the ticker symbol "NTBR".
Northern Bear currently has 12 businesses in its portfolio, including:
D J McGough (acquired April 2008)
A1 Trucks (acquired April 2008)
Jennings Roofing (acquired November 2007)
Hastie D Burton (acquired June 2007)
Chirmarn Surveying (acquired May 2007)
Chirmarn (acquired May 2007)
MGM (acquired February 2007)
Floor Joist (acquired December 2006)
Wensley Roofing (acquired December 2006)
Springs Roofing (acquired December 2006)
Roof Truss (acquired December 2006)
Isoler (acquired December 2006)