W.H. Ireland Group PLC
30 June 2005
30 June 2005
W. H. IRELAND GROUP plc
ACQUISITION OF CONTROLLING INTEREST IN
D. J. CARMICHAEL PTY LIMITED
Further to the announcement of 25 May 2005, the board of W. H. Ireland Group plc
('WH Ireland') is pleased to announce that talks with the shareholders of D.J.
Carmichael Pty Limited ('DJC'), the Perth-based stockbroker, have been
A newly-formed Australian company, WHI Australia Pty Limited ('WHIA'), has
contracted to acquire 99.3% of the issued share capital of DJC and, under DJC's
constitution, is compulsorily acquiring the balance. On completion of the
transaction (which is anticipated to be on or around 1 July 2005) WH Ireland
will own 51% of WHIA's issued share capital, which it will acquire for
A$2,110,250 in cash and by the issue of 250,852 new shares in WH Ireland, with
the balance being owned by the existing shareholders of DJC.
There will be a put and call option over a further 25% of the equity of WHIA,
and a call option in favour of WH Ireland over the remaining 25%, enabling WH
Ireland to increase its investment in the Australian business as appropriate in
Four directors of WH Ireland will be appointed as directors of WHIA, one of
whom, Laurie Beevers (the chief executive of WH Ireland), will be the chairman.
DJC will continue to be operated by its Australian board, with Rod Beeton
remaining as DJC's managing director.
Information on DJC
DJC is one of the oldest established and leading stockbrokers in Perth, Western
Australia. It currently has 68 employees. In the year ended 30 June 2004, DJC's
turnover was A$10.7 million and net profit before tax was A$468,000.
Laurie Beevers said, 'I am truly delighted to be joining forces with our friends
at DJC. This merger brings together the considerable expertise both companies
have in covering, amongst other things, resource-based investments, both in
research and corporate finance. We believe that this will create interesting
opportunities for both firms in the UK and Australia.'
Rod Beeton said, 'There are strong synergistic benefits to be gained between our
two businesses which will have a positive bottom line effect and position us for
further growth. The opportunity is an exciting one, particularly on a corporate
advisory level, for us and for our clients who will gain a much enhanced
The interim results of the Company for the six months ended 30 May 2005 will be
announced on or about 29 July 2005. The board of W.H.Ireland is pleased to
confirm that, as reported at the AGM in April, turnover has been maintained at a
rate in excess of 30% above the level of the previous year. Pre-tax profits will
be significantly higher than those for the same period last year.
For further information, please contact:
W. H. Ireland Group plc
Laurie Beevers T: 0161 819 8724
Richard Lee T: 0161 819 8876
Zoe Biddick T: 020 7448 1000
D.J. Carmichael Pty Limited T: +618 9263 5227
This information is provided by RNS
The company news service from the London Stock Exchange