Aukett Swanke Group PLC Sale of John R Harris & Partners Limited (7900J)
29 April 2022 - 4:01PM
UK Regulatory
TIDMAUK
RNS Number : 7900J
Aukett Swanke Group PLC
29 April 2022
29 April 2022
Aukett Swanke Group Plc
("Aukett Swanke" or the "Group")
Sale of John R Harris & Partners Limited
Aukett Swanke is pleased to announce the disposal of its
interest in John R Harris & Partners Limited ("John R Harris"),
incorporated in Cyprus and operating out of the Middle East, to the
local management team for a maximum consideration of AED 5.0
million (approximately GBP1,074,000) (the "Disposal").
The consideration is to be settled by AED 4.25 million
(approximately GBP913,000) in cash and a deferred payment of AED
750,000 (approximately GBP161,000) payable over a fixed five-year
period, subject to an early repayment discount. The Group has also
entered into a Marketing Agreement, covering the use of the Group's
project portfolio and associated materials, over the deferred
consideration period for an additional sum in order to maintain the
Group's interest in this important market.
John R Harris made a loss of GBP162,000 (before amortisation of
intangible assets) in the year ending 30 September 2021 and the
value of its net assets (excluding goodwill and intangible assets
recognised in the Group consolidated balance sheet) was GBP312,000
as at 30 September 2021.
The Disposal is part of a series of intended actions to
restructure the Group's operations in an orderly manner and to
allow the John R Harris business to fulfil its potential without
the burden of a central overhead.
The proceeds of the Disposal will be used to reduce the amount
drawn under the Group's borrowing facility and for general working
capital purposes.
Related Party Transaction
As one of the Purchasers is a director of the Middle East branch
entity associated with John R Harris, the Disposal constitutes a
related party transaction pursuant to Rule 13 of the AIM Rules for
Companies. Accordingly, the board of directors of Aukett Swanke
(all of whom are independent in relation to considering the
Disposal), having consulted with the Company's Nominated Adviser,
Strand Hanson Limited, considers that the terms of the Disposal are
fair and reasonable insofar as the Company's shareholders are
concerned.
For further information please contact:
Aukett Swanke Group Plc
+44 (0) 20 7843
Nicholas Thompson, Antony Barkwith 3000
Strand Hanson Limited (Financial and Nominated
Adviser)
+ 44 (0) 20 7409
James Spinney, James Bellman 3494
Investor / Media Enquiries
Chris Steele +44 (0) 7979 604687
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as it forms part of
United Kingdom domestic law by virtue of the European Union
(Withdrawal) Act 2018, as amended.
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END
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