Acquisition
23 Maio 2007 - 10:52AM
UK Regulatory
RNS Number:1100X
Newmarket Investments PLC
23 May 2007
For immediate release
23 May 2007
Newmarket Investments plc
Acquisition
The Board of Newmarket Investments plc (the "Company" or "Newmarket") announces
today that, the Company has exchanged for the acquisition of Equine Risk
Management Limited (ERM). ERM is a specialist insurance company focussed on show
jumpers and eventers, which will be complimentary to Newmarket's existing
activity in thoroughbred insurance. The consideration will be for a maximum of
approximately #60,000 part of which to be paid in respect of cash within the
bank accounts of ERM on completion. ERM's net asset position for the year to 31
March 2006 was #37,710 and net profit for the year of #13,710.
Philip Reid, Chairman of Newmarket Investments plc commented:
"The company has experienced encouraging growth in its insurance business and
this acquisition will help consolidate and strengthen that growth. It also
highlights the Company's strategy of building around the traditional core areas
of Newmarket, which we believe will yield complementary benefits, extending the
services already offered by Newmarket. We hope to update shareholders with
further news on acquisitions in due course".
ENDS
For further information, please contact:
Newmarket Investments plc
Philip Reid 07789 555544
Charles Stanley Securities
Rick Thompson
Tel +44 (0) 20 7149 6482
This information is provided by RNS
The company news service from the London Stock Exchange
END
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