Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).


For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.


We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

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We store and use information you provide as follows:

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We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.


We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.


The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.


Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.


If you want more information or have any questions or comments relating to our privacy policy please email [email protected] in the first instance.

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Havelock Europa PLC (HVE)

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Wednesday 30 June, 2004

Havelock Europa PLC


Havelock Europa PLC
30 June 2004


Havelock Europa, the education supply, point of sale display and retail
interiors group, announces the acquisition of TeacherBoards (1985) Limited,
representing a material addition to its education business, for a maximum
consideration of £6.135 million in cash and shares.

TeacherBoards, based in Skipton, North Yorkshire, is involved in the
manufacture, sale and distribution of display boards, presentation systems and
teaching equipment, primarily for use in the education and corporate sectors in
the UK.

The company, founded in 1985, serves its customer base through a combination of
telesales, mail order and direct sales representation throughout Britain. Its
customer base includes Local Education Authorities, central buying consortia
operating collectively for Local Education Authorities, major distribution
groups working in the education sector, and end users in the education, health
and corporate markets, including a large number of schools, colleges and

Turnover for the year to 31 December has grown from £2.8 million in 1998 to £4.8
million in 2003. The audited profit before tax for 2003 amounted to £0.71
million. Net assets at 31 December 2003 totalled £1.18 million. The business is
being acquired with cash balances of £0.87 million.

The consideration payable for the entire issued share capital of TeacherBoards
will be a sum of up to £6.135 million, comprising £4.135 million payable on
completion, with a further fixed sum of £0.60 million payable on 7 January 2005
and up to an additional £1.40 million of deferred consideration depending on
profits achieved in 2004 and 2005. No deferred consideration will be payable
unless the audited profits before tax exceed £0.8 million and £1.0 million in
2004 and 2005, respectively.

The consideration will be payable in a mixture of cash and loan notes, save for
the payment of £0.750 million on completion in the form of 786,988 ordinary
shares in Havelock Europa (2.5% of the enlarged share capital), which will be
issued today at a price of 95.30p, being the average of the mid-market price for
the five days preceding completion.

The business will continue to operate as an autonomous subsidiary of Havelock
Europa under its existing management team, headed by Edmund Raczkowski, its
Managing Director and the principal vendor.

Hew Balfour, Chief Executive of Havelock, commented: 'The purchase of
TeacherBoards adds materially to Havelock's interests in the education sector,
building on the acquisition, in 2001, of ESA McIntosh, the UK market leader in
fitted furniture for schools and universities. The education sector is expected
to benefit substantially from rising levels of investment over the next four
years, with annual expenditure in England and Wales expected to nearly double
between 2004 and 2008, as the Government's programme 'Building Schools for the
Future' kicks in.
We are delighted to welcome TeacherBoards into the Group and to be able to add
the wide range of teaching aids and presentation equipment, manufactured and
distributed by TeacherBoards, to our existing product categories.

ESA McIntosh, the Group's subsidiary in this sector, already has a strong
relationship with TeacherBoards and we expect to be able to benefit
substantially from the interchange of the two businesses' customer bases.'

Edmund Raczkowski, Managing Director of TeacherBoards, added: 'I am very happy
that TeacherBoards is joining the Havelock Group, with its leading position in a
complementary part of the education supply market. The deal is good not only for
TeacherBoards but also for its customers and employees.'


Havelock Europa PLC                                              01383-820 044

Hew Balfour (Chief Executive)                                    07801-683 851
Graham MacSporran (Finance Director)                             07801-683 803

Bankside Consultants Limited

Charles Ponsonby                                                 020-7444 4166

                      This information is provided by RNS
            The company news service from the London Stock Exchange

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