Kier Group plc
PFI purchase
As part of Kier's ongoing activity in the PFI market, on 3 April 2014 Kier Project Investment Limited, a wholly-owned subsidiary of Kier Group plc (the "Company"), purchased 42.5% of the share capital and subordinated debt of Justice Support Services (Norfolk and Suffolk) Holdings Limited ("Justice Support Services") from Uberior Infrastructure Investments Limited for cash consideration of £4.0m paid in full on completion (the "Acquisition"). This increases the Company's shareholding in Justice Support Services to 100%.
Justice Support Services, and its wholly-owned subsidiary, Justice Support Services (Norfolk and Suffolk) Limited, were incorporated to carry out the Norfolk and Suffolk Police Investigation Centres PFI Project under a Project Agreement signed 23 February 2010 with the Police and Crime Commissioners of Norfolk and Suffolk.
As at 31 December 2013, the consolidated gross assets of Justice Support Services totalled £73m. In the year ended 31 December 2013, Justice Support Services made no profit or loss and Justice Support Services (Norfolk and Suffolk) Limited made a loss before tax of £94,000.
The directors appointed by Kier Project Investment Limited to the board of Justice Support Services will continue in these positions. Justice Support Services has no employees.
The Company does not anticipate the acquisition will have a material effect on the Kier Group.
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For further information:
Faeth Birch/Charlotte Whitley, RLM Finsbury 020 7251 3801
Kier press office 01767 355897
