Hercules Site Services Plc (AIM:HERC) agreed to acquire Future Build Recruitment Limited from the vendors for £1.3 million on November 30, 2023. The consideration comprises 1,001,000 in cash and the issue of 994,431 shares (the "Consideration Shares") at a price of 25.14 pence per share, representing the 10 day volume weighted average price ending 28 November. The cash element is financed through the Company's existing cash resources. The Consideration Shares are subject to a 12-month lock-in agreement followed by a 12-month orderly market agreement. For FY 2022, Future Build generated revenues of approximately £1.50494 million. The vendors of Future Build (the "Vendors") can sell the remaining 40% minority interest in Future Build to Hercules, subject to the terms of the partnership agreement. The Acquisition will complete on the admission of the Consideration Shares to trading on AIM which will be on or around December 1, 2023. Adrian Hadden and team of Cavendish Securities PLC, Matthew Johnson and team of SP Angel Corporate Finance LLP acted as financial advisor to Hercules. Jonathan Morris, David Klass, Rubena Rahman and Will Steed of Hill Dickinson LLP act as legal advisor for Hercules Site Services Plc in this transaction.
Hercules Site Services Plc (AIM:HERC) acquired Future Build Recruitment Limited from the vendors on December 1, 2023. David Bright of Moore Barlow LLP acted as legal advisor to Future Build Recruitment in the transaction.