WYG Regulatory News (WYG)

23 Jan 2007 07:00

White Young Green PLC23 January 2007 For immediate release 23 January 2007 White Young Green Plc ("WYG") Acquisition of Malachi Cullen and Partners Limited in Ireland White Young Green ("WYG") (LSE:"WHY"), consultant to the built, natural andsocial environment, today announces the acquisition of the entire issued sharecapital of Malachi Cullen & Partners Limited ("MCP"). MCP is a privately owned consulting engineering practice offering civil andstructural engineering consultancy services primarily to the Midlands region ofIreland. It employs 19 staff operating from a single office located in Athlone. The consideration payable at completion by WYG was €1,600,000 being €900,000 incash and €700,000 satisfied by the issue of 96,147 ordinary shares ("theConsideration Shares"). Application has been made for these ConsiderationShares to be admitted to the Official List of the UK Listing Authority and totrading on the London Stock Exchange's market for listed securities. Inaddition, further consideration (payable in ordinary shares and / or cash atWYG's option) of up to a maximum of €300,000 is due if certain performancecriteria are met in the first year of trading under WYG's ownership. For the year ended 31 March 2006 the profit before taxation of MCP, as extractedfrom the financial statements for that year and after adjustment for exceptionalemployment costs, was €220,012 on revenue of €1,627,511. The net assets of MCPat 31 March 2006 were €197,737 comprising fixed assets of €206,692, currentassets of €478,918, current liabilities of €414,771, creditors falling due afterone year of €64,117 and provision for liabilities and charges of €8,985. All the directors of MCP have signed contracts of employment with the WYG Group. The Board believes that the acquisition of MCP will provide WYG with animportant new platform for all of its key skills in the hitherto untappedMidlands region of Ireland. John Purvis, WYG's Chief Executive commented: "This acquisition is a small but important step forward in the ongoingdevelopment of WYG in Ireland. Malachi Cullen & Partners Limited is a successfuland well established engineering consultancy with an excellent reputation forservice delivery and a strong complementary network of clients servicing aregion of Ireland which is experiencing substantial and exciting economicgrowth. WYG will seek to enhance the range of services available to MCP'sclients, enabling them to engage much more strategically in the future." For more information please contact: White Young Green PLC Tel: (0113) 278 7111John Purvis, Chief ExecutiveBob Hartley, Finance Director Buchanan Communications Tel: (020) 7466 5000Tim Anderson / Lisa Baderoon / Rebecca Skye Dietrich This information is provided by RNS The company news service from the London Stock Exchange