Business
Acquisitions & Share Placing
Acquisitions & Share Placing.
About this update from Kazera Global Plc
[{"type":"text","content":"\n Worthington Nicholls Group plc\n01 May 2007\n\n\n Worthington Nicholls Group plc\n\n Acquisition of three independent companies\n\n Placing to raise £20 million of new development capital and £3.4 million of\n replacement capital\n\nRNS Release\n\n1 May 2007\n\nWorthington Nicholls Group plc ('Worthington Nicholls' or 'the Group'), a\nleading independent installer of air conditioning, heating, ventilation and\nchilled water systems, announces today that it has completed the acquisition of\nthe entire issued share capital of Woods Environmental Group Limited, Euro\nProperty Services (London) Limited and Classic Interiors Contractors Limited\n(the 'Acquisitions'). The Directors expect the Acquisitions to be earnings\nenhancing in their first full financial year as part of the Group. Further\ndetails on the Acquisitions are set out below.\n\nToday, the Group also announces that it has raised, through Blue Oar Securities\nPlc, £20 million, before expenses, by way of an institutional share placing of\n11,764,706 new ordinary shares of 1 penny each in the capital of the Company\n('Ordinary Shares') at £1.70 per new Ordinary Share ('Placing'). The Placing is\nconditional upon approval of certain resolutions by the shareholders at an\nExtraordinary General Meeting to be held on 24 May 2007.\n\nIn addition, to meet institutional demand for shares in the Group, Mark\nWorthington, Chief Executive of the Group, has sold 2 million Ordinary Shares at\n£1.70 per share. Following this exercise and completion of the Placing, Mark\nwill retain a significant shareholding of approximately 8% in the Group.\n\nThe new funds raised will be used to provide the working capital necessary for\nfurther organic Group expansion in the UK and Europe and for further\nacquisitions.\n\nOf the funds earmarked to fund organic growth, it is notable that a proportion\nof these will be applied to fund growth within the businesses run by the Group's\nfirst two acquisitions, air conditioning installers Project Air Limited and\nspecialist electrical contractor Lumenglow Limited, whose respective\nperformances have exceeded directors' expectations and therefore require\nadditional funds to support their accelerating growth.\n\nOn the acquisition front, the Group continues to see numerous opportunities and\nhas identified a number that it is exploring or wishes to...