Acquisition

12 Jul 2006 11:48

W.H. Ireland Group PLC12 July 2006 W H Ireland Group plc ("the Company" or "W.H. Ireland") Acquisition of further stake in WHI Australia Pty Ltd W H Ireland is pleased to announce that it has acquired a further 11,017 sharesin its subsidiary company WHI Australia Pty Ltd ("WHI Australia") for a totalconsideration of £169,214 (A$413,137). This now takes its shareholding to 73,876shares representing 59.94% of the issued share capital of WHI Australia. WHI Australia is the holding company of DJ Carmichael, the Perth basedstockbroker employing over 70 people in Australia. W H Ireland initiallyacquired 51% of WHI Australia on 30 June 2005 for a total considerationof approximately £1.3 million. In addition, as previously announced, there is aput and call option arrangement in place which enables W H Ireland to increaseits investment in the Australian business as appropriate in the future. Laurie Beevers, Chief Executive, commented: "We have been delighted with the performance of our colleagues in Australiasince June 2005 and are pleased to consolidate our relationship with DJC stillfurther". For further information contact: Derek Ashford 0161 832 6644Finance Director This information is provided by RNS The company news service from the London Stock Exchange