Wyatt Group PLC
14 May 2004
Wyatt Group PLC ('Wyatt') acquires Premier Employment Services Limited ('PES')
Wyatt is pleased to announce that it has completed the acquisition of PES. PES
provides a comprehensive range of tax, legal and human resource employment
services including specialist advice and outsourcing.
The consideration comprises cash consideration of £40,800 (payable by
instalments), and deferred consideration which will be payable subject to an
earn-out. The deferred consideration will be calculated by reference to six
times the average pre-tax profit of PES adjusted by a notional tax charge for
any three consecutive financial years out of the next ten financial years
between 1 January 2004 and the year ended 31 March 2010, subject to a cap of
£2.0 million. The deferred consideration will be satisfied by the issue of new
ordinary shares of 1 pence each in Wyatt ('Ordinary Shares') to be issued at the
average mid-market trading price of the Ordinary Shares over the 20 business
days immediately prior to the election of the earn-out, with a cash alternative
at the option of Wyatt or if the number of Ordinary Shares exceeds a
pre-determined target level.
Wyatt will provide PES with £150,000 of working capital funding by way of an
interest free loan.
The PES employees will be allocated options over 50,000 Ordinary Shares under
the terms of the Wyatt Group plc Enterprise Management Incentive Plan 2001. In
addition Wyatt will procure the release of the personal limited guarantee that
one of the PES shareholders has given to PES's bankers.
For the financial year ended 31 December 2003, PES recorded a loss of £28,660 on
a turnover of £97,866 and as at 31 December 2003, had net liabilities of
Bob Holt, Chairman and CEO, Wyatt Group PLC commented on the acquisition:
'We are delighted to welcome Ian Rummels and the team from PES into the Group.
PES is seen as another important step in building a broadly based outsourced
risk consultancy business. Ian will work with the management team at Firesmart
to build a Human Resources on-line service as well as providing, as now, a whole
range of employment consultancy services.
The Board look forward to bringing you news of further Group developments in the
For further information, please contact:
Bob Holt, Chairman and CEO
Wyatt Group PLC 01453 511911
Barrie Newton, Managing Director
Rowan Dartington 0117 933 0000
This information is provided by RNS
The company news service from the London Stock Exchange