Transportation Acquisition

6 Aug 2007 07:00

White Young Green PLC06 August 2007 For Immediate Release 6 August 2007 White Young Green Plc ("WYG") Acquisition of Independent Transport Consultants Limited White Young Green ("WYG"), consultant to the built, natural and socialenvironment, today announces the acquisition of the entire issued share capitalof Independent Transport Consultants Limited trading as Savell, Bird and Axon ("SBA") for an initial consideration of £18,000,000. SBA is one of the UK's leading privately owned specialist transportconsultancies with offices in London, Manchester and Cardiff. It provides highlevel strategic advisory services to a blue chip client base spanning across theprivate and public sector development industry, tackling vitally importantissues such as transport policy, travel plan initiatives, public transport,traffic impact assessments, land use policy and masterplanning. For the year ended 31 October 2006 the profit before taxation of SBA, asextracted from the financial statements for that year was £2,735,850 on revenueof £7,776,920. The gross assets of SBA at 31 October 2006 were £3,703,498 andnet assets were £2,002,820 comprising fixed assets of £152,684, current assetsof £3,550,814, current liabilities of £1,689,171 and provision for liabilitiesof £11,507. In the current financial year to 31 October 2007 trading hascontinued to be strong with SBA benefiting from ongoing positive marketconditions. The consideration payable by WYG was £18,000,000 being £10,800,000 in cash andloan notes and £7,200,000 satisfied by the issue of 1,661,858 ordinary shares ("the Consideration 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 loan notesat WYG's option) of up to a maximum of £4,000,000 is due if certain performancecriteria are met in the first year of trading under WYG's ownership. All the directors of SBA have signed contracts of employment with the WYG Group. Lawrie Haynes, Chief Executive commented: "I am delighted that the directors and staff of SBA are joining White YoungGreen. High level transportation consultancy has been identified asstrategically important in the ongoing development of the Group and in SBA wehave acquired a market leader with an excellent reputation, strong client baseand fine prospects." 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