Business
Acquisition of Plowright
Acquisition of Plowright.
About this update from Clarkson Plc
[{"type":"text","content":"\n Clarkson PLC\n04 January 2006\n\n CLARKSON PLC\n\n\n\n Acquisition of Plowright\n\n\n\nFurther to the announcement made on 3 November 2005 Clarkson PLC ('Clarksons')\nconfirms that it has now completed the acquisition of the J O Plowright\n(Holdings) Limited ('Plowright') group of companies.\n\n\n\nPlowright, based in London, is a privately owned shipbroker, owned 62% by an\nEmployee Trust and 38% by its Pension Fund. Plowrights has 26 staff\npredominantly serving the petrochemical, products, lubricant, gas, vegetable oil\nand molasses freight markets.\n\n\n\nThe initial consideration for the acquisition of £8.1 million was satisfied as\nto £7.4 million in cash and £0.7 million by the issue of 79,918 new ordinary\nshares in Clarksons. Deferred consideration of up to £1.0 million may be\npayable over the next 2 years dependent on the achievement of performance\ntargets over that period; Clarksons will issue up to a further 114,168 new\nordinary shares to cover this potential liability.\n\n\n\nPlowright's last audited results to 31 August 2004 indicated a pre-tax loss of\n£0.1 million which adjusted for non-recurring charges and using an accounting\nbasis consistent with Clarksons would have produced a pre-tax profit in the\nregion of £1.25 million. Gross assets at 31 August 2004 were £2.5 million. The\nvendors have warranted net assets at date of completion of £0.1 million.\n\n\n\nClarksons' expanded operating platform will enable the company to respond\nproactively to the needs of its present and future customers within this\nspecialised sector of the shipping industry.\n\n\n\nApplication is being made to the UK Listing Authority and to the London Stock\nExchange for the new ordinary shares to be admitted to the Official List and to\ntrading on the London Stock Exchange.\n\n\n\n\n\nFor further information:\n\nRichard Fulford-Smith Clarkson PLC\n Telephone: +44 774 704 3139\n\nRichard Whittet J O Plowright (Holdings) Limited\n Telephone: + 44 20 7334 3482\n\n\n\nNotes to editors\n\n\n\nBackground to Clarkson PLC\n\n\n\nClarkson PLC (which is listed on the London Stock Exchange) is acknowledged as\nthe world's leading shipping services group. Through its unrivalled and\nextensive global network of offices it is able to give its clients unique access\nto a wide range of shipping services. Clarksons covers shipbroking, re...