Information  X 
Enter a valid email address

Weeks Group PLC (~156)

  Print      Mail a friend

Wednesday 17 May, 2000

Weeks Group PLC

Acquisition Agreement

Weeks Group PLC
17 May 2000


The Weeks Group PLC (the 'Company') announces that on 16 May 2000 it reached
agreement to purchase 100% of Taurus Design Limited ('Taurus').

The consideration is made up of :-

1. The issue of 4,285,714 ordinary shares in the Company;
2. £160,000 in cash;
3. Deferred consideration of up to £180,000.  This will be calculated on future
trading performance;
4. The grant of options to purchase 1,000,000 ordinary shares in the Company at
market value on 16 May 2000.  These options will be exercisable in between 3 and
7 years time.

Taurus provides services that are complimentary to those currently offered by
the Company and the directors of the Company believe that the sharing of clients
and technical skills will provide substantial opportunities for the enlarged

The value of Taurus' net assets are £175,000.  The anticipated pre-tax profit of
Taurus attributable to these assets are £110,000.

No directors of Taurus will be appointed directors of the Company.