HTI Hawtin

 

TIDMHTI 
 
RNS Number : 3386N 
Hawtin PLC 
16 February 2009 
 

Hawtin PLC ("Hawtin" or the "Company") 
 
 
Acquisition 
 
 
Hawtin is pleased to announce the acquisition of three connected companies 
(Holywell Property (Holdings) Limited, Holywell Property (St.Albans) Limited and 
Foxleap Limited), (the "Holywell Group") which hold an investment property 
portfolio valued at GBP9.6 million. The vendors are private individuals Martin 
Warner, Clive Travers and a family trust. The net assets of the three companies 
in aggregate at completion are expected to amount to GBP3.6 million. The 
aggregate consideration for the Acquisition is a total of GBP2.9 million, 
satisfied by the payment of GBP2 million in cash, and 20,000,000 new ordinary 
shares. Completion accounts will be prepared to 13 February 2009, and any 
excess/ deficit over target net assets will be settled in cash. 
 
 
 
The properties comprise 
  *  five commercial properties based in Berkhamsted, Tring, Amersham, St.Albans and 
  Cheltenham with a combined value of GBP8.775 million and with market rent of 
  GBP796,500  pa, and 
  *  six residential properties with protected tenancies in and around Hertfordshire 
  with a combined value of GBP807,500 and with market rent of GBP48,900  pa. 
 
 
 
The properties have been professionally valued by G.L Hearn in December 2008 at 
GBP9.582 million 
 
 
The Holywell Group was previously funded by a mixture of loans and overdrafts 
standing at GBP3.9 million which were repaid at completion and the Holywell 
Group joined the Hawtin Group banking arrangements. Hawtin has drawn down GBP7.5 
million from its existing bank facilities to refinance the business acquired, 
and pay the cash consideration. The additional utilisation of the HBoS facility 
will trigger a quarter per cent reduction in interest margin on the whole of the 
Group's drawn facility (GBP35 million) and also reduce existing non-utilisation 
charges. 
 
 
The acquisition will bring the gross investment property assets of Hawtin up to 
GBP76 million, with annual rental income of GBP4.3 million. 
 
 
The audited accounts show that the Holywell Group produced a profit before 
taxation and management charges of GBP79,000 in the twelve months to 31 July 
2008 on turnover of GBP652,000, after salaries and other costs that will no 
longer apply of approximately GBP200,000. The Holywell portfolio currently 
produces rental income of GBP689,000 which indicates potential to increase 
income towards market rent. Post acquisition within the Hawtin Group, the 
portfolio is expected to contribute GBP330,000 towards property management 
expenses. 
 
 
One of the vendors, Martin Warner has been invited to join the Hawtin board to 
help oversee the Holywell portfolio and contribute to the overall Board 
management. Martin Warner is a Chartered Surveyor and serves on the Board of AIM 
listed Michelemersh Brick Holdings PLC. Clive Travers has been contracted for a 
period of 2 years to manage the integration into the Hawtin Group. 
 
 
The ordinary shares issued as part of the consideration will result in the 
issuing of 20,000,000 new ordinary shares which will represent 20% of the 
enlarged issued ordinary share capital of the Company. Application for the new 
ordinary shares to trading on AIM has been made and admission to trading is 
expected to take place on 19 February 2009, following which there will be 
100,339,798 ordinary shares of 5 pence each in issue in the Company. The new 
ordinary shares will rank pari passu with the existing ordinary shares and are 
identical in all respects. Shareholders should use 100,339,798 ordinary shares 
as the denominator by which to determine whether they are required to notify 
their interest in, or a change to their interest in, Hawtin under the Disclosure 
and Transparency Rules. 
 
 
 
 
 
 
Board Changes 
 
 
Hawtin hereby notifies that Martin Russell Warner has been appointed to the 
board as a non-executive director. Robert Carlton-Porter, Richard Hayward, 
Stephen Morgan Anton Woodhouse and Anthony Wardle remain on the board. The 
appointment is effective from 13 February  2009. 
 
 
Pursuant to Rule 17 of the AIM Rules, the information required to be given in 
respect of Martin Warner is as follows: 
 
 
Full name:    Martin Russell Warner 
 
 
Age:    55 
 
 
In addition to his directorship of the Company, Martin Warner is/has been a 
director of or partner of the following companies or partnerships in the past 5 
years: 
 
 
Current directorships/partnerships 
 
 
Michelmersh Brick Holdings plc03/11/1997 
Dunton Brothers Ltd 23/08/1996 
Michelmersh Brick & Tile Co Ltd 31/10/1997 
Charnwood Forest Brick Ltd20/01/1999 
Blockleys Brick Ltd16/03/2000 
New Acres Ltd16/03/2000 
Holywell Property (Holdings) Ltd08/05/2003 (resigned 13 February 2009) 
Holywell Property (St Albans) Ltd 01/03/2001 (resigned 13 February 2009) 
Foxleap Ltd01/06/1995 (resigned 13 February 2009) 
E Greenham Ltd03/07/2001 
The Jericho Foundation 28/11/2007 
The Brick Development Association06/03/2008 
Ley Hill Property Ltd 27/06/2005 
Orange Brands Ltd 09/08/2007 
Jericho Enterprises CIC28/11/2007 
 
 
 
 
There is no further information to be disclosed under AiM rule 17 Schedule Two 
paragraph (g). 
 
 
 
 
Enquiries: 
 
 
Hawtin PLC: 
Stephen Morgan    Tel:01633 682 130 
 
 
Seymour Pierce Ltd: 
John Depasquale    Tel: 020 7107 8000 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 ACQUOUBRKNRUAAR 
 

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