15 Jul 2011 15:59
15.07.11
WYG plc ("WYG" or the "Company")
Completion of Capital Restructuring
WYG, the global consultancy to the built, natural and social environment, announces that the remaining conditions relating to the Company's restructuring ("the Restructuring") as outlined in the circular issued to shareholders on 24 June 2011 have now been satisfied. Following the satisfaction of these outstanding conditions, completion of the Restructuring took place today.
Paul Hamer, Chief Executive Officer, said:
"I am delighted - for our clients, colleagues, business partners and owners - that we can now look to the future and concentrate on our dual priorities of delivering a first rate service to our international client base, and of creating long term value for shareholders.
"The new capital structure builds on the substantial operational restructuring already undertaken, and leaves WYG in a far stronger financial position. This in turn creates a robust platform from which we can serve our existing clients, pursue and win new business, and appropriately incentivise the employees who will be central to our success.
"WYG is a significant international consultancy, with well established positions in our four global segments of Buildings & Critical Infrastructure, Transport, Energy & Environment, and Assurance Services. We employ more than 1,500 people globally within a lean and efficient operating model, and are delivering on some of the most sophisticated assignments in our chosen markets.
"Whilst many of our UK markets remain challenging, a significant and growing pipeline of business opportunities exists in our key overseas regions. These are in both the donor funded sector where we have a particularly strong track record and in the wider international public and private sector markets, and we are now well placed to capitalise on them."
Mike McTighe, Chairman of WYG, said:
"The successful completion of the capital restructuring represents a very significant milestone for WYG, creating a far stronger platform from which to move forward and deliver on our growth strategy. The past two years have been challenging in many respects, and the Board is very grateful for the continued support shown by all stakeholders throughout that period."
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For further information, please contact:
WYG plc Tel: 0113 278 7111
Paul Hamer, Chief Executive Officer
David Wilton, Group Finance Director
Numis Securities Limited (Joint Financial Adviser and Broker) Tel: 0207 260 1000
Stuart Skinner / Jamie Lillywhite
Deloitte (Joint Financial Adviser) Tel: 020 7936 3000
Anup Shah / James Lewis
Arbuthnot Securities (Nomad and Broker) Tel: 0207 012 2100
Nick Tulloch/Rebecca Gordon
MHP Communications Tel: 0203 128 8100
John Olsen/Katie Hunt/James White