WYG Regulatory News (WYG)

9 Oct 2007 07:00

White Young Green PLC09 October 2007 For Immediate Release 9 October 2007 White Young Green Plc ("WYG") Acquisition of P H McCarthy Consulting Engineers Limited White Young Green ("WYG"), consultant to the built, natural and socialenvironment, today announces the acquisition of the entire issued share capitalof P H McCarthy Consulting Engineers Limited the holding company of P H McCarthy& Partners Limited (collectively "PHMP") for an initial consideration of€19,500,000. PHMP is one of Ireland's leading consulting engineering practices employing 184permanent staff. It specialises in large public infrastructure projects in thewater and highways sectors and also has a significant private client followingin the buildings sector. Operating from offices in Limerick and Dublin (whereit was established over 100 years ago), PHMP has established a strong reputationand following with a large number of Irish public authorities and large privateclients such as Castlethorn, SIAC Ferrovial and Roadbridge Sisk. For the year ended 30th April 2007 the profit before taxation of PHMP asextracted from the financial statements for that year was €2,556,142 on revenueof €17,596,213. The gross assets of PHMP at 30th April 2007 were €10,625,533and net assets were €5,862,209 comprising fixed assets of €1,044,701, currentassets of €10,625,533, current liabilities of €5,467,908 and other liabilitiesof €340,118. The consideration payable by WYG was €19,500,000 being €11,700,000 in cash and€7,800,000 satisfied by the issue of 1,183,893 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 €2,500,000 is due if certain performancecriteria are met in the first year of trading under WYG's ownership. All the directors of PHMP have signed contracts of employment with the WYGGroup. Lawrie Haynes, Chief Executive commented: "It gives me great pleasure to welcome the directors and staff of the P HMcCarthy Group to the White Young Green family of companies. The PH McCarthyteam will give WYG Ireland a significant boost in accessing the strategicallyimportant public infrastructure development market both in Ireland andinternationally. It also balances and complements the existing WYG IrelandEngineering business." For further information contact: WHITE YOUNG GREEN PLC Tel: (0113) 2787111Lawrie Haynes, Chief Executive OfficerBob 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