Acquisition
June 16 2005 - 3:02AM
UK Regulatory
RNS Number:6397N
Healthcare Enterprise Group PLC
16 June 2005
16 June 2005
Healthcare Enterprise Group PLC acquires CICS (Holdings) Limited for up to #3
million
Healthcare Enterprise Group PLC ("HCEG" or the "Group"), is pleased to announce
the acquisition of CICS (Holdings) Limited and its wholly owned subsidiary Cross
Infection Control Systems (CICS) Limited (together "CICS") for up to #3 million.
CICS, which has been in operation for over 10 years, sells sterile kits and
other disposable products to approximately 1,300 dental practice customers,
which will serve as an excellent starting point for distribution of the Group's
products to the dental market.
CICS reported pre tax profit for the year ended 31 October 2004 of #224,000 on
turnover of #642,000. As at 31 October 2004 CICS had net assets of approximately
#560,000.
The purchase price to be paid by Healthcare Enterprise Group PLC is up to #3
million, with a payment of #661,250 being satisfied by the issue of 723,513
ordinary shares of HCEG on completion. The balance of up to #2,338,750 will be
paid in shares linked to performance targets over the next two years. The
acquisition will be earnings enhancing immediately.
Application will be made for the 723,513 ordinary shares to be admitted to AIM,
with trading expected to commence at 8:00 am on 21 June 2005.
Bruce Steer, Managing Director of CICS will join Healthcare Sales & Service
Limited, a wholly owned subsidiary of HCEG, as Managing Director of its Dental
business.
Stuart Bruck, Executive Chairman, Healthcare Enterprise Group PLC, commented:
"The acquisition of CICS gives the Group immediate access to the dental market
into which a range of existing HCEG products, including Ebiox, will be sold
alongside CICS products. We will commence integration of CICS into the existing
business immediately and are actively exploring ways of cross distribution."
Enquiries:
Healthcare Enterprise Group PLC 020 7351 7500
Stuart Bruck, Executive Chairman
John Bradshaw, Group Finance Director
College Hill 020 7457 2020
Corinna Dorward /Adrian Duffield
Notes to editors
Healthcare Enterprise Group PLC
HCEG is quoted on the UK AIM stock market with its head office in London. HCEG
is a business engaged in medical product distribution, occupational health,
first aid and medical consultancy markets. These businesses underpin a range of
innovative medical devices, which will be introduced to the market via HCEG's
own distribution network on an international basis.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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