IMCL Acquisition

14 Aug 2007 07:00

White Young Green PLC14 August 2007 For Immediate Release 14 August 2007 White Young Green Plc ("WYG") Acquisition of Management Consultants Group Limited White Young Green ("WYG") consultant to the built, natural and socialenvironment, today announces the acquisition of the entire issued share capitalof Management Consultants Group Limited (MCG), the holding company ofInternational Management Consultants Limited trading as IMCL, for an initialconsideration of £1,600,000. From its UK base in Andover, Hampshire, IMCL provides international financialmanagement consultancy services to governments and public bodies in third worldand transitional countries. Although much donor aid to these countries is forbudget support and infrastructure projects, a significant and growing proportionis spent on governance issues to ensure that well-trained people and effectivesystems are in place for the efficient application of funding. IMCL provideshigh level diagnostic studies and reform programme designs, advice on publicfinancial management and monitoring, advice on and project management of publicfinancial management reform projects and IT systems, and training in financialmanagement, reporting and auditing. For the year ended 31 March 2007, the revenue of MCG, as extracted from thefinancial statements of MCG and IMCL, was £1,679,548. Profit before tax forthat year was £214,477 after charging non-recurring items which amounted toapproximately £42,000. The gross assets at 31 March 2007 were £712,647 and netassets were £426,732 comprising fixed assets of £5,464, current assets of£707,183, and current liabilities of £285,915. The consideration payable by WYG was £1,600,000 being £800,000 in cash and£800,000 satisfied by the issue of 179,776 ordinary shares ("the ConsiderationShares") in WYG. Application will be made for the admission of theseConsideration Shares 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 loan notes atWYG's option) of up to a maximum of £400,000 is due if certain performancecriteria are met in the first year of trading under WYG's ownership. All transferring directors of IMCL have signed contracts of employment with theWYG Group. Lawrie Haynes, Chief Executive commented: "IMCL's established reputation, together with White Young Green's expertise inmajor project management, should enable the combined group to better exploit theburgeoning niche market in which IMCL operates as well as allow White YoungGreen International to broaden the range of donor aid projects in which itparticipates". 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