29 September 2003
29 September 2003
Laing O'Rourke granted Asite plc share options
O'Rourke Investments Plc, the ultimate holding company of Laing O'Rourke Plc ('
Laing O'Rourke'), has today signed an agreement granting it options over
17,362,400 shares in Asite plc ('Asite') at an exercise price of 10p per share.
Asite's closing mid-market share price on Friday 26 September 2003 was 6.5p. The
options are granted over issued shares currently held by B & C Plaza Limited.
The options are exercisable for three years from the date of grant with a
restriction on trading for two years after exercise.
Laing O'Rourke is already a significant investor in Asite plc with a holding of
1,703,730 shares representing approximately 1.7 per cent. of the issued share
capital of Asite. B & C Plaza Limited currently holds 26,607,062 shares in
Asite representing approximately 25.9 per cent. of the issued share capital of
Asite and Laing O'Rourke have also agreed upon a strategic relationship, whereby
Asite will assist Laing O'Rourke in achieving its technical goals relating to
enhancing process efficiency. This agreement establishes Asite as Laing
O'Rourke's electronic business technology provider of choice. Asite's
technology will be implemented throughout Laing O'Rourke's corporate and group
Bernard Dempsey from Laing O'Rourke says
'Through this agreement we have made a clear commitment to Asite. Asite has
proven their ability to deliver technology to support our strategic goal of
continued innovation in design and engineering and further improving supply
chain management. Asite has proven itself a formidable and innovative solutions
provider. We have worked well with them and look forward to the relationship
growing in the future.'
Over the past 12 months, Laing O'Rourke has worked with Asite to understand how
it can contribute and add value to their technology agenda: further enhancing
operations by helping Laing O'Rourke to understand how they can implement
electronic project management and procurement more cost effectively.
Dennis Johnson, Group Finance Director of Laing O'Rourke says
'Through benchmarking studies, including use of Asite Tender on our Terminal 5
project at Heathrow Airport, we have seen real evidence of operational
efficiency using Asite's technology. We are rolling out Asite's tendering
technology across the group. It has also been proven that we can integrate our
COINS purchase ledger system with Asite's purchasing technology. As a result we
are continuously increasing the number of suppliers that are able to trade with
us electronically and moving towards our goal of full supplier integration by
the close of 2004.'
Robert Tchenguiz, Director Asite plc, says
'The granting of options marks an important development in the strategic
partnership between Asite and Laing O'Rourke. The option arrangement between B&C
Plaza and Laing O'Rourke is an expedient method of aligning the financial
interests of Laing O'Rourke and Asite. B&C Plaza remains fully committed to
supporting the Asite business and looks forward to Asite securing other
strategic partnerships with customers of the calibre of Laing O'Rourke.'
Tom Dengenis, Chief Executive, Asite plc, says
'Our work with Laing O'Rourke represents Asite's commitment to working closely
with our customers so that we are aware of what they want to achieve, helping us
to deliver the technology that closely fits their agenda. Our ambition is to
ensure our customers achieve their goals through their existing systems,
enhanced by our software and services, for real commercial gain.'
For further information please contact:
Tom Dengenis, Chief Executive Tel: 020 7647 5151
Laing O' Rourke plc
Dennis Johnson, Group Finance Director Tel: 01322 296200
Deloitte & Touche Corporate Finance (Nominated Adviser to Asite)
Robin Binks Tel: 020 7936 3000
This information is provided by RNS
The company news service from the London Stock Exchange