WTF. Hey Breaking News guys, SiteServ.net is a webdesign company, but SiteServ the scaffolding company also exists. I don’t think they have a website. It seems to be the scaffolding company that bought this other scaffolfing company. D’oh!
From BreakingNews.ie and Iol.ie and a few more places.
Web design copmpany Siteserv has announced the acquisition of formwork and scaffolding provider, Easy Access Limited.
Easy Access, which was established in 1992, is involved in the sale and hire of formwork and scaffolding products to the Irish market. It operates from sites at Clondalkin, Dublin, Tuam, Galway and Glanmire, Cork.
The consideration for the acquisition comprises an initial payment of €20m on completion, €17m of which will be in cash with the remainder being satisfied through the issue of 5,454,545 Siteserv ordinary shares at €0.55 each.
Deferred consideration of €3m will be payable in equal instalments of €1.5m in cash on the first and second anniversary of completion.
Additional amounts will be payable based on the financial performance and levels of growth in profitability of Easy Access over the next two financial years up to 30 April 2009.
The maximum additional consideration payable under these arrangements has been capped at €3m. Easy Access is being acquired on a debt-free/cash-free basis.
In the year ended 28 February 2006, Easy Access had turnover of €16.5m and earnings before interest and tax of €4.3m. Net assets at completion are expected to be approximately €8.2m.
The acquisition will be funded through Siteservâ€™s existing resources and additional borrowings of approximately €15m.
The Siteserv ordinary shares being issued as part of the consideration are subject to 12 month lock-up. Application will be made for the new ordinary shares to be admitted to trading on the IEX market of the Irish Stock Exchange and the AIM market of the London Stock Exchange.
Patrick Jordan, managing director of Easy Access, and his management team will remain with the business going forward. Patrick Jordan has also been appointed a director of Siteserv effective today.
It’s not just bloggers that jump the gun and don’t double check their facts. Maybe the Christmas party started early?