Acquisition

2 May 2006 10:25

Torex Retail PLC02 May 2006 TOREX RETAIL PLC ("Torex Retail" or "the Group") EXPANSION OF PETROLEUM ACTIVITIES WITH ACQUISITION OF LEADING UK SERVICE PROVIDER Torex Retail, an international market leader in the provision of innovative ITsolutions, is pleased to announce the acquisition of TQIPS Limited ("TQIPS"), aleading provider of project management and services to UK petroleum retailers. The initial consideration payable of £7.25 million is to be satisfied by theissue to the vendors of 7.25 million ordinary shares in Torex Retail. Furtherconsideration of up to £3.5 million will be payable to the vendors dependentupon the profitability of TQIPS in the two years ending 31 December 2007. Anyadditional consideration payable will be satisfied through the issue of TorexRetail ordinary shares. Application has been made to the London Stock Market for the 7,250,000 sharesissued on completion to be admitted to trading on AIM. It is expected thatadmission will occur on 5 May 2006. Brendan Kavanagh , Head of Worldwide Petroleum for Torex Retail, commented : "Strategically TQIPS is a very important acquisition and a natural expansion ofour petroleum retail business. TQIPS has an unrivalled reputation for serviceand completes our overall service offering to the Major Oil Companies and majorsupermarket chains. Their blue chip customer list including Tesco, Asda,Morrisons, BP and Texaco further strengthens our base in this market whichalready includes Jet, Esso, Shell, Somerfields, Maxol, Lakeside Group and alarge number of independent dealers." This acquisition positions us extremely well to win significantly more businessin this expanding sector, including our target of achieving major contract winsfor LUCAS Petroleum." Ends. For further information please contact: Torex Retail plc: +44 (0) 870 300 6061 Brendan Kavanagh , Head of Worldwide Petroleum Mark Pearman , Group Finance Director Citigate Dewe Rogerson: +44 (0) 20 7638 9571 Seb Hoyle This information is provided by RNS The company news service from the London Stock Exchange