Business
Update on Acquisition, Circular and Notice of GM
Update on Acquisition, Circular and Notice of GM.
About this update from Hunting Plc
[{"type":"text","content":"\n \nRNS Number : 0474N Hunting PLC 25 August 2011 \n \n\n \n\n\n\n\nFor Release\n\n\n25 August 2011\n\n\n\n\n \n \n \n \n \n \nHunting PLC\n \n(\"Hunting\" or the \"Company\" or the \"Group\")\n \nUpdate on Acquisition, Publication of Circular \nand Notice of General Meeting\n \nFurther to the announcement of the proposed acquisition (\"Acquisition\") of TSI Acquisition Holdings LLC and its subsidiaries including Titan Specialties, Ltd. (\"Titan Group\") (\"Acquisition Announcement\") made on 5 August 2011, Hunting (LSE:HTG), the international energy services group, announces that the circular relating to the Acquisition (the \"Circular\") is today being posted to shareholders and will shortly be available on Hunting's website. \n \nIn addition to the information published in the Acquisition Announcement, the Circular includes, inter alia, the following information:\n \nInformation on the Titan Group\nFor the six months ended 30 June 2011, the Titan Group delivered unaudited US GAAP revenue and EBITDA of US$114.7 million and US$41.7 million (36.4% EBITDA margin), respectively. Revenue in all divisions was higher than that achieved in the first half of 2010. The Perforating and Instruments divisions have grown significantly compared to the same period last year and ahead of the Titan Group management team's expectations for the period. Hunting is pleased to report that the Titan Group's strong performance has continued into the early part of the second half of the year.\n \nTitan Group's financials for the three years ended 31 December 2008, 2009 and 2010 have been restated in accordance with International Financial Reporting Standards as adopted by the European Union (\"IFRS\") as applied by Hunting. The intention to restate Titan Group's financials was set out in the Acquisition Announcement. Certain adjustments have impacted Titan Group's historic financials. The material adjustments comprise:\n \n· a reduction of estimated useful lives of some of the Titan Group's intangible assets, thereby increasing amortisation charges, but leaving EBITDA unaffected;\n \n· a charge in relation to Titan Group's equity based incentive schemes, which reduces historic EBITDA though it will not have an on...