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8th Feburary 2007
Havelock Europa PLC Acquisition and Placing
Havelock Europa PLC, the Educational, Financial and Retail Interiors and Point of Sale Display Group, announces the acquisition of Stage Systems Limited, an educational furniture manufacturer, for a maximum consideration of £3.45 million.
The consideration will be satisfied as to £3.2 million in cash via a Vendor Placing of 2,091,504 Vendor Placing Shares, which have been placed by Investec with institutional and other investors at 153 pence per share, and the balance of £0.25 million by the issue of 159,236 Consideration Shares to the Vendors.
Havelock also announces a cash placing of 1,108,496 Cash Placing Shares at a price of 153 pence per share to raise approximately £1.7 million before expenses for the Company.
Acquisition highlights
Stage Systems provides an innovative range of demountable staging products for schools and is well known within its markets.
Stage Systems is in the early stages of developing a range of postural furniture for schools, which will complement the Groups existing offering of fixed and fitted furniture.
The directors of Havelock perceive loose furniture as an opportunity for additional growth within support services for the Education sector.
Cross-selling opportunities are expected to be created by the introduction of Stage Systems customers in the primary school market to Havelock's other educational businesses and by the opportunity to add Stage Systems product portfolio to the Groups current PFI offering.
The Acquisition fits neatly with Havelocks strategy of focusing on higher growth and more profitable businesses.
The Acquisition is expected to be earnings enhancing in the current year, excluding the impact of amortisation of intangible assets acquired.
Hew Balfour, Chief Executive of Havelock Europa PLC, commented:
Stage Systems is a design-led business focused on the educational supplies market. With its strength in the primary schools market, Stage Systems will complement our strategic position in the secondary schools sector. The move into the primary schools market is significant in the context of the Chancellors recent pre-Budget report which confirmed the Governments commitment to capital investment in education but with special emphasis on primary schools.
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