06/02/2007
Educational, financial and retail interiors and point of sale display group Havelock Europa has bought Stage Systems for £3.45 million.
Fully listed Havelock is paying £3.2 million cash and £250,000 in shares to buy Stage Systems, which is a well-known provider of demountable staging products for schools and has recently embarked on ‘postural’ school furniture. Havelock’s chief executive Hew Balfour expects the acquisition to enhance Havelock’s current earnings – ‘excluding the impact of amortisation of intangible assets acquired’.
Havelock is funding the deal with a £3.2 million vendor placing at 153p through Investec and is also seeking £1.7 million for capital expenditure in a separate placing at the same price. Havelock’s shares, recommended at 134p last October by Growth Company Investor, are 0.5p up at 161.5p and could make further progress in the medium term.
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