L4 Logistics | Transport Shipping and Logistics News

Plowright, based in London, is a privately owned shipbroker, owned 62% by an Employee Trust and 38% by its Pension Fund. Plowrights has 26 staff predominantly serving the petrochemical, products, lubricant, gas, vegetable oil and molasses freight markets. The initial consideration for the acquisition of £8.1 million was satisfied as to £7.4 million in cash and £0.7 million by the issue of 79,918 new ordinary shares in Clarksons. Deferred consideration of up to £1.0 million may be payable over the next 2 years dependent on the achievement of performance targets over that period; Clarksons will issue up to a further 114,168 new ordinary shares to cover this potential liability. Plowright’s last audited results to 31 August 2004 indicated a pre-tax loss of £0.1 million which adjusted for non-recurring charges and using an accounting basis consistent with Clarksons would have produced a pre-tax profit in the region of £1.25 million. Gross assets at 31 August 2004 were £2.5 million. The vendors have warranted net assets at date of completion of £0.1 million. Clarksons’ expanded operating platform will enable the company to respond proactively to the needs of its present and future customers within this specialised sector of the shipping industry. Application is being made to the UK Listing Authority and to the London Stock Exchange for the new ordinary shares to be admitted to the Official List and to trading on the London Stock Exchange. Source: Press Release