Proposed Acquisition
November 21 2007 - 1:01AM
UK Regulatory
RNS Number:1516I
Mobile Doctors Group Plc
21 November 2007
Date: 21 November 2007
On behalf of: Mobile Doctors Group Plc ("Mobile Doctors" or "the Group")
Embargoed for: 0700hrs
Mobile Doctors Group Plc
* Proposed Acquisition Of Leading Medico-Legal Reporting Company
Mobile Doctors Group Plc (AIM: MDG.L), one of the leading providers of
medico-legal reports for personal injury claims in the UK market today is
pleased to announce that it has today agreed to acquire, subject to the passing
of certain shareholders resolutions, the whole of the issued share capital of
Medici Legal Limited ("Medi-fiche"). Medi-fiche is a supplier of medico-legal
reports for personal injury claims in the UK based in Chichester.
Founded in 2001, Medi-fiche has established a national reputation for extensive
knowledge and understanding of the personal injury sector. Medi-fiche is a
successful, expanding company with a strong presence in the growing market for
expert medico-legal reporting. Medi-fiche employs 20 people.
This will be Mobile Doctor's first acquisition since its admission to AIM in
July 2007. The acquisition is the first step in implementing the Company's
strategy to grow via acquisitions and act as a consolidator in what the Company
believes is a fragmented medico-legal reporting market. The Company is in
discussions with a number of other potential acquisition targets.
Pursuant to the terms of the acquisition agreement the consideration for the
acquisition will be #1.2 million to be satisfied by the allotment and issue by
the Company to the vendors of 2,181,818 40p ordinary shares at a price of 54.08p
per share and a payment of #20,000 in cash. Trading in these shares is expected
to commence on 14th December 2007.
In the year to 31st March 2007 Medi-fiche made unaudited profit before tax of
#60,531(#189,291 prior to non-recurring items) on turnover of #2,432,050. As at
31st March 2007, Medi-fiche had unaudited net assets of #135,497. Following its
integration and the benefits of synergies, the Company expects the acquisition
to be earnings enhancing in the year ending 30 November 2008.
The Company is sending a circular to its shareholders today in order to convene
an EGM to obtain the necessary shareholder authorities and to give it
flexibility to issue shares to make future acquisitions.
Commenting on the acquisition, Matthew Game, Chief Executive of Mobile Doctors,
said:
"Our AIM flotation was intended to provide Mobile Doctors with the currency it
needs to act as a consolidator in the highly fragmented medico-legal reports
market. This is a significant opportunity for the Group and we strongly believe
that this deal will increase shareholder value by providing a bigger presence in
our industry where Medi-fiche has an impressive track record.
"We strongly believe that this acquisition will further enhance Mobile Doctors'
professional customer services, provide increased purchasing power and deliver
strong synergy benefits for the combined brand that we plan to create once
Medi-fiche becomes an integrated entity within the Group."
- Ends -
Enquiries to:
Mobile Doctors Group Plc Tel: 020 8787 2000
Matthew Game www.mobile-doctors.co.uk
Daniel Stewart & Company plc Tel: 020 7776 6550
Lindsay Mair
Redleaf Communications Tel: 020 7822 0200
Emma Kane/Adam Leviton/Tom Newman Email: al@redleafpr.com/tn@redleafpr.com
Notes to Editors:
* Mobile Doctors, established in 1989, has grown organically to become
one of the leading suppliers of medico-legal reports for personal injury claims
in the UK. It provides independent and objective medical evidence via a national
panel of medical experts and therapists.
* Mobile Doctors has a database of approximately 2,500 medical experts
covering many areas of the UK and currently provides approximately 50,000
reports out of approximately 600,000 reports required annually.
* In addition to its core medical report service, Mobile Doctors has
also successfully developed and launched Mobile Doctors Ancillary Services and
Mobile Doctors Rehabilitation Services. Mobile Doctors Ancillary Services
arranging MRI scans, X-Rays, CT scans, and ultrasounds. Mobile Doctors
Rehabilitation provides after care services such as physiotherapy, hospital
treatment and cognitive behavioural therapy.
* Mobile Doctors Plc listed on AIM on 18th July 2007
This information is provided by RNS
The company news service from the London Stock Exchange
END
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