Support services group Newcourt and property manager Ely Property have agreed the terms of a cash offer by Newcourt valuing each Ely share at 5.632p for a total of about £15.2m.
The companies said this represents a premium of about 25.2% over the closing price of 4.5p per Ely Share on June 5, the last day prior to the commencement of the offer period.
The offer is for cash or a non transferable Newcourt preference share alternative.
Newcourt said the offer has received acceptances from an aggregate of 80.4% of the fully diluted share capital of Ely.
Newcourt said the acquisition of Ely represents an attractive entry-point into the property management market in Ireland and the UK. It will continue the activities of Ely as a separate operating division.
Ely had turnover and profit before tax of €4.5m (£3.07m) and €1.5m (£1.02m) respectively for the 14 months to Dec 31 2005.
The offer will be financed from existing cash resources and facilities and with funds from a placing of 7,520,264 new shares at €1.21 per share announced by Newcourt earlier today.
Ely is a specialist in property management and facilities management in Ireland and the UK with particular emphasis in the student accommodation, pre-school learning and private healthcare markets.
References: EGi News 18/07/06
