Business
Acquisition of Eco Animal Health
Acquisition of Eco Animal Health.
About this update from Eco Animal Health Group Plc
[{"type":"text","content":"\n \n Lawrence plc\n Acquisition of minority shareholding in ECO Animal Health\n\n\nLawrence plc (\"Lawrence\") is pleased to announce that it has today signed heads\nof agreement with the shareholders of ECO Animal Health, subject to contract, to\nacquire the 50 per cent. that Lawrence does not already own of ECO Animal Health\n(Europe) Limited (\"ECO\") (the \"Acquisition\"). ECO is the holding company of the\ntrading operation of ECO Animal Health which specialises in the development and\ndistribution worldwide of veterinary pharmaceutical products. The Board\nanticipates that it will enter into a formal agreement with regard to the\nAcquisition shortly and a further announcement will be made in due course.\n\nThe initial consideration will be £8 million in cash, to be satisfied from\nLawrence's own resources, and the issue of 3.3 million new Lawrence ordinary\nshares. The new shares will be the subject of a lock in arrangement whereby\nthey cannot be sold before the second anniversary of the completion of the\nAcquisition without the prior specific approval of the Company and Charles\nStanley, its Nominated Adviser. Further consideration of up to one million new\nordinary shares may become payable in the event that certain profit performance\ntargets are met by ECO before 31 March 2009.\n\nIn the year ended 31 March 2004, profits before tax attributable to ECO were\n£1million on revenues of £14million; net assets were £2.6million.\n\nApplication for the 3.3 million new ordinary shares to be admitted to trading on\nAIM will be made following completion of the Acquisition. There will then be\n30,120,727 Lawrence ordinary shares in issue.\n\nPeter Lawrence, Chairman of Lawrence, commented:\n\n\"We are delighted that ECO will soon become a wholly owned subsidiary of\nLawrence at what should prove to be a very exciting point in the development of\nthe company. The recent positive developments in relation to Aivlosin,\nincluding the commencement of marketing in Europe, coupled with the work being\nundertaken on further valuable marketing authorisations, should underpin the\nanticipated growth in ECO\".\n\n4th October 2004\n\nEnquiries:\n\nLawrence plc 020 8336 2900\nPeter Lawrence\n\nCharles Stanley & Co Ltd 020 7739 8200\nPhilip Davies\n\nRedleaf Communications Ltd 020 7955 1410\nEmma Kane\n\nSpiro Financial 020 8949 0428\nAn...