Clarkson PLC
04 January 2006
CLARKSON PLC
Acquisition of Plowright
Further to the announcement made on 3 November 2005 Clarkson PLC ('Clarksons')
confirms that it has now completed the acquisition of the J O Plowright
(Holdings) Limited ('Plowright') group of companies.
Plowright, based in London, is a privately owned shipbroker, owned 62% by an
Employee Trust and 38% by its Pension Fund. Plowrights has 26 staff
predominantly serving the petrochemical, products, lubricant, gas, vegetable oil
and molasses freight markets.
The initial consideration for the acquisition of £8.1 million was satisfied as
to £7.4 million in cash and £0.7 million by the issue of 79,918 new ordinary
shares in Clarksons. Deferred consideration of up to £1.0 million may be
payable over the next 2 years dependent on the achievement of performance
targets over that period; Clarksons will issue up to a further 114,168 new
ordinary shares to cover this potential liability.
Plowright's last audited results to 31 August 2004 indicated a pre-tax loss of
£0.1 million which adjusted for non-recurring charges and using an accounting
basis consistent with Clarksons would have produced a pre-tax profit in the
region of £1.25 million. Gross assets at 31 August 2004 were £2.5 million. The
vendors have warranted net assets at date of completion of £0.1 million.
Clarksons' expanded operating platform will enable the company to respond
proactively to the needs of its present and future customers within this
specialised sector of the shipping industry.
Application is being made to the UK Listing Authority and to the London Stock
Exchange for the new ordinary shares to be admitted to the Official List and to
trading on the London Stock Exchange.
For further information:
Richard Fulford-Smith Clarkson PLC
Telephone: +44 774 704 3139
Richard Whittet J O Plowright (Holdings) Limited
Telephone: + 44 20 7334 3482
Notes to editors
Background to Clarkson PLC
Clarkson PLC (which is listed on the London Stock Exchange) is acknowledged as
the world's leading shipping services group. Through its unrivalled and
extensive global network of offices it is able to give its clients unique access
to a wide range of shipping services. Clarksons covers shipbroking, research,
publications, derivatives and logistics. Clarksons' strategy is to expand and
develop the group around these key activities.
For further information on Clarkson PLC, please visit the company's website at
www.clarksons.com
This information is provided by RNS
The company news service from the London Stock Exchange GGLS