Business
Acquisition
Acquisition.
About this update from Shearwater Group Plc
[{"type":"text","content":"\n RNS Number : 7597Z Scott Wilson Group plc 24 July 2008 \n \n24 July 2008\n\nScott Wilson Group plc\n\n\nAcquisition of Benaim\n\n\nScott Wilson Group plc, the international design and engineering consultancy, today announces that it has acquired the entire share capital of Benaim Enterprise (Holdings) Limited, a company registered in Mauritius under company number IC00006461 and is the holding company of the Benaim UK and Hong Kong operating subsidiaries. Benaim is a civil, structural and geotechnical consultancy specialising in the design of high quality structures for the public and private sector. The maximum consideration for the acquisition is £5.5 million and comprises in aggregate:\n\n\n\ninitial cash consideration of £2.915 million payable on completion;\n\n\n\n\nloan notes to the value of £1.65 million, to be converted into ordinary shares in Scott Wilson Group plc 18 months after the date of acquisition, the conversion price to be the average of the closing market share price over a 10 day period prior to issuing the shares, and\n\n\n\n\ndeferred consideration of £0.935 million (subject to downward adjustment) dependent upon a valuation of the assets and liabilities of Benaim.\n\n\nBenaim was founded in 1980 and has operations in London and Bath in the UK and in Hong Kong. In the year ended 30 September 2007, Benaim had consolidated revenues of £5.56 million and profit before taxation of £1.1 million.\n\nScott Wilson and Benaim have collaborated extensively together on projects such as the East London Line and Malaysia's KLIA Express Rail Link. Significant recent Benaim projects include Dubai Metro Stations and Viaducts, Hong Kong's Nam Cheong MTR Station, the Taiwan High Speed Rail Project, Macau's Venetian Casino, and Kincardine Bridge in Scotland.\n\n\n\nGeoff French, Executive Chairman, comments\n\n\"We are delighted that Benaim with their considerable reputation internationally and in the metro sector are joining Scott Wilson.\n\nThis acquisition, together with the recently announced Terence Lee Partnership, is part of our strategy to significantly enhance our capability in the metro sector. In addition to their strong geotechnical and civil skills, and the benefits these bring for the metro market, Benaim ...