Acquisition
15 August 2007 - 9:33PM
UK Regulatory
RNS Number:1436C
Sky High PLC
15 August 2007
Sky High Plc
("Sky High" or the "Company")
Sky High Plc announces the acquisition of the 50% of the ordinary share capital
of Sky High Australia PTY ("SH Australia") that is not already owned by the
Company and its subsidiaries.
The consideration for the acquisition comprises #25,000 in cash together with
the issuance of 416,666 ordinary shares of 10 pence in the Company, all payable
at completion.
SH Australia, which was established in January 2005, provides traffic data
collection and transportation studies in the major cities in Australia. The
most recently audited report and accounts, covering the 12 months to June 2006,
show SH Australia making a profit before tax of AUS$173,000 on sales of
AUS$641,000 and having net assets of AUS$107,000.
Sky High's Chairman, Richard Jackson, commented:
"Acquiring the outstanding share capital in SH Australia is a natural step in
the stated strategy for the Company. The Board is excited by the prospects for
growth both within Australia and from neighbouring countries."
Application for the new ordinary shares to be admitted to trading on AIM has
been made. Admission of the new ordinary shares is expected on 17 August 2007.
For further information, please contact:
Sky High Plc
Richard Jackson, Chairman 01937 833 933
Blue Oar Securities Plc
Mike Coe / Marc Davies 0117 933 0020
This information is provided by RNS
The company news service from the London Stock Exchange
END
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