SGV Spring Grove

RNS Number:2608E
Spring Grove Prop. Maintenance PLC
26 November 2002



FOR IMMEDIATE RELEASE 7.00 A.M. 26 NOVEMBER 2002



                     SPRING GROVE PROPERTY MAINTENANCE PLC

                       ('SPRING GROVE' OR 'THE COMPANY')


                                Acquisition

The Board of Spring Grove, the specialist provider of repair and maintenance
services to the social housing sector, is pleased to announce that on 25
November 2002 conditional agreement was reached with Fairholme Estates
(Holdings) Limited for the acquisition of Robt. Hawkins (Contractors) Limited ('
RHC') ('the Acquisition').  RHC provides reactive and planned maintenance and
repair services within the commercial sector.

RHC was incorporated in 1960 and since 1966 has been a wholly-owned subsidiary
of Fairholme Estates (Holdings) Limited, a group principally involved in
commercial property and investment.  RHC specialises in the provision of
reactive and planned maintenance and repair services to the commercial sector
primarily within the M25 area.  RHC also provides a 24 hour, 365 day a year
emergency response service.

RHC has four significant blue-chip clients who in the year ended 31 August 2002
contributed approximately 80 per cent. of RHC revenue.  In the year ended 31
August 2002 RHC generated audited profits before tax of #360,883 on turnover of
#3.88 million.  For the year ended 31 August 2001, RHC reported audited profit
before tax of #343,000, excluding exceptional profits on asset sales, on
turnover of #2.98 million.  Net assets at 31 August 2002 were #393,508 (31
August 2001: #382,000).

The maximum consideration payable by the Company under the terms of the
Acquisition is #920,000 comprising a cash payment on completion of #700,000,
financed through additional bank facilities, and the issue to the RHC vendors of
377,358 new ordinary shares of 1 pence each in the share capital of the Company
('Consideration Shares') at a price of 53 pence per Consideration Share.  The
RHC vendors have undertaken not to dispose of any Consideration Shares for a
period of one year following completion of the Acquisition and thereafter for a
period of one year only through the Company's stockbroker.  The cash
consideration is subject to adjustment up to a maximum of #20,000 on account of
RHC's net assets on completion.  On completion, #50,000 of the cash
consideration shall be retained on account by the Company to satisfy warranty
claims up to 30 April 2004.  In the absence of any warranty claim prior to that
date, the amount of #50,000 held on account shall be released to the RHC
vendors, together with accrued interest, at 5.00 p.m. on 30 April 2004.

The Acquisition is conditional on the admission of the Consideration Shares to
trading on the Alternative Investment Market of the London Stock Exchange ('
Admission').  Application for Admission has been made today and dealings are
expected to commence in the Consideration Shares on 29 November 2002.

Commenting on the Acquisition, Chris Phillips, Chairman of Spring Grove, said "
The acquisition of RHC, our first since the successful flotation of the Company
on AIM in December 2001, provides Spring Grove with additional, long-established
clients and a strong platform to expand its profit base in a new sector of the
property market using our proven, existing skill base."



26 November 2002


For further information:


Kevin Childs, Spring Grove                         020 8577 8040
Alex Borrelli, Shore Capital                       020 7408 4090
Emma Kane, Redleaf Communications                  020 7955 1410/07876 338339



Notes to Editors

*     Spring Grove was formed in 1991 and admitted to trading on AIM in 
      December 2001

*     Spring Grove Property Maintenance plc is the one of the largest 
      specialist housing repair and maintenance firm operating across London
      and within the M25

*     Spring Grove provides a high volume of routine repair and maintenance 
      services to registered social landlords (housing associations,
      trusts and co-operatives) ('RSLs') and local authorities

*     Spring Grove is also contracted to refurbish void premises so that they 
      can be re-let to new tenants






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

ACQPUGPUGUPPGBA

Spring Grove (LSE:SGV)
과거 데이터 주식 차트
부터 5월(5) 2024 으로 6월(6) 2024

Spring Grove (LSE:SGV)
과거 데이터 주식 차트
부터 6월(6) 2023 으로 6월(6) 2024