RNS Number : 2493X
ACM Shipping Group PLC
23 June 2008
Press Release 23 June 2008
ACM Shipping Group plc
("ACM" or "the Group")
Acquisition
ACM Shipping Group plc (AIM:ACMG), a leading international tanker broker, is pleased to announce that it has entered into an agreement to
acquire the shipbroking business of Harris & Dixon Shipbrokers Limited (*Harris & Dixon*). The total consideration payable will be £2.5
million in cash, which will be funded from the Group*s existing cash resources and a credit agreement with ACM*s bankers.
Long established, London based Harris & Dixon is an oil transportation broker specialising in small tankers. They are one of the
leading shipbrokers in this field and provide both spot and time charter broking. Harris & Dixon's clients include major and independent
oil companies, oil traders, together with ship owners. For the year to 31 December 2007, on an unaudited basis, Harris & Dixon had revenue
of £2.1 million and made a profit before interest of £0.8 million, before paying out staff and director bonuses.
Commenting on the acquisition of Harris & Dixon, Johnny Plumbe, Chief Executive of ACM, said: "This acquisition is an excellent
strategic step for ACM as they specialise in the one area of tanker broking that ACM is not currently involved in. Furthermore the deal
will quickly become earnings enhancing. Harris & Dixon have an extremely experienced broking team who are committed to the Company for the
long term; they bring with them a solid forward book and the combined customer bases will provide further exciting trading opportunities for
the Group."
- Ends -
For further information, please contact:
ACM Shipping Group plc
Johnny Plumbe, Chief Executive Tel: +44 (0) 20 7930 7555
Ian Hartley, Finance Director Tel: +44 (0) 20 7930 7555
ihartley@acmshipping.co.uk www.acmshippinggroup.com
Noble & Company Limited
John Llewellyn-Lloyd, Corporate Finance Tel: +44 (0) 20 7763 2200
Matthew Hall, Corporate Finance Tel: +44 (0) 20 7763 2200
matthew.hall@noblegp.com www.noblegp.com
Media enquiries:
Abchurch
Henry Harrison Topham / Stephanie Cuthbert Tel: +44 (0) 20 7398 7718
stephanie.cuthbert@abchurch-group.com www.abchurch-group.com
Notes to Editors
ACM is one of the world's principle tanker ship brokers and has established itself as the market leader in oil transportation. The
Group's key activities are spot brokerage freight, time charter, project brokerage, sales and purchase, derivatives brokerage, research and
consulting.
Established in London in 1982, the Group has since expanded its international operations with offices based in London, Singapore, India
and China. ACM employs over 70 brokers and support staff who provide clients with global experience and intimate local knowledge of the
world's shipping centres. The Group has a strong network of clients which include major oil producers, independent oil traders, ship-owners
and operators. The business has been profitable every year since it was founded.
ACM was admitted to AIM on 6 December 2006. For more information on the Group please visit www.acmshippinggroup.com
About Harris & Dixon
Harris & Dixon is a specialist in the small tanker market based in London. They have a team of 12 specialist brokers and support
staff.
This information is provided by RNS
The company news service from the London Stock Exchange
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