Aukett Group PLC
03 December 2004
AUKETT GROUP PLC ('AUKETT')
AUKETT REORGANISES ITS ITALIAN INTERESTS
Aukett Group Plc, the international group of architects, designers and engineers
headquartered in London, announces that it has disposed of 49% of its 50%
interest in its joint venture company, Aukett and Garretti Srl ('the Joint
Venture') to its Italian joint venture partner DIGIT for a gross consideration
of £148,600 (€220,000) in cash (£46,500 net of intercompany debt).
On completion, Aukett's share of the Joint Venture's net assets was £44,000 and
its share of profits generated in the period from 1 October 2003 to completion
was £11,500.
Both Aukett and the Joint Venture intend to continue working together to secure
and undertake work in Italy on a project by project basis. An agreement setting
out the basis of co-operation between the two entities has been signed.
Jose Luis Ripoll, Chairman and CEO, commented: 'We are excited to be entering a
new phase in our relationship with our Italian partner that will enable us to
continue operating effectively in Italy with reduced risk to the core UK
business.'
For further information contact:
Jose Luis Ripoll, Chairman and CEO Aukett Group Tel: 0207 924 4949
www.aukett.com
This information is provided by RNS
The company news service from the London Stock Exchange