Maclellan Group PLC
01 December 2004
EMBARGOED FOR 07.00 ON 1 DEC 2004
1 December 2004
MacLellan Group plc ("MacLellan")
Acquisition of TASS (Europe) Limited ("TASS")
MacLellan announces the acquisition of TASS, a business whose activities include
the installation, repair and maintenance of safety eyebolt systems, cradles and
safety ladder tie systems in the United Kingdom, for an initial consideration of
£3.25 million. The initial consideration has been satisfied by the issue of
2,083,332 ordinary shares in MacLellan and £1.875 million of cash. At completion
TASS had cash balances in excess of £700,000 which were a part of the net assets
acquired. Further consideration of up to a maximum of £2.75 million will be
paid if agreed earnings before interest and taxation targets are exceeded for
the financial years ending 31 December 2005 and 2006.
TASS's most recent financial accounts showed a turnover for the 12 month period
to 31 December 2003 of £1.4 million with a profit before taxation of £327,000.
TASS's turnover for the 12 months to 31 December 2004 is expected to double from
the previous year's level.
Commenting on the acquisition, John Foley, Chief Executive of MacLellan said:
"TASS is an excellent business and the range of services which it provides will
be of interest to many of our existing customers. We welcome TASS and its
employees to MacLellan. TASS will continue to operate as a separate operating
entity within our growing Specialist Services operations."
Contacts John Foley 01905 744 400
MacLellan Group plc
David Currie 0207 597 5970
This information is provided by RNS
The company news service from the London Stock Exchange