Future Mobility Solutions ("FMS" or "Company") announces that it has entered
into a conditional agreement for the acquisition ("Acquisition") of Willard
Marine Inc. ("Willard") for an aggregate purchase price of US$6.85 million.
Willard, founded in 1957, is headquartered in the United States of America
and manufactures and sells a wide range of crafts under the Willard, SeaArk
and Crystaliner brand names.
Willard has a broad range of military grade rigid inflatable boats (RIBs)
supplemented by significant aluminum and fiber glass hull expertise with a
client focus on customers in the military, first responder and commercial
sectors in the United States. To date, Willard has sold over 2,000 boats.
Current clients include: the United States Navy, including foreign military
sales, United States Army Corps of Engineers, Los Angeles County Fire
Department, Washington DC Fire Department, Military Sealift Command, Shell
Offshore Inc., Alaska Marine Highway System and National Oceanographic and
Atmospheric Administration, among others.
In its most recent financial year ended 31st December, 2016, Willard achieved
revenues of approximately US$13.1 million.
In making the Acquisition, the Company believes that Willard will build
significantly on the Company''s previously announced acquisitions of Sillinger
and Gemini. In particular, it should broaden the FMS Group''s geographic
reach by adding the United States to the Group''s strengths in Europe and
North and West Africa through Sillinger, in the Southern African continent,
Indian Ocean and the UK through Gemini, and in the Asia Pacific through
Sealegs.
Equally, Willard should deepen and expand the FMS Group''s customer base,
especially in the military sector where Willard is especially strong. As
previously noted, sales to government and other similar commercial
enterprises are often dependent on home content rules, and Willard should
further enhance the ability of the FMS Group to compete for those mandates
and opportunities.
Lastly, in relation to FMS'' leading global position in amphibious technology,
Willard should offer substantial opportunities for its Sealegs subsidiary to
increase its market penetration and further enhance its pre-eminence in this
important emerging technology sector.
Consideration
The purchase price for the Acquisition will be payable as follows: (i) on
completion ("Completion"), as to US$1.65 million in cash; (ii) on the first
anniversary of Completion, as to a further US$2.6 million in cash; and (iii)
on the second anniversary of Completion, as to a further US$2.6 million in
cash.
It is presently intended that the cash consideration due will be met from the
Company''s internal resources and borrowings.
Acquisition is Conditional
Shareholders should note that the Acquisition is subject to a number of
conditions, including inter alia: (i) approval of FMS shareholders at a
special general meeting; and (ii) the execution of the definitive acquisition
agreement.
Accordingly, the proposed Acquisition may or may not complete either as
intended or at all. Accordingly, shareholders are advised to exercise caution
when considering trading the Company''s shares.
FMS currently anticipates that the Acquisition will be completed prior to the
end of the 2017 calendar year. FMS will provide further update announcements
as appropriate but, in any event, upon the Acquisition becoming
unconditional.
For further information please contact:
Mark Broadley
Chief Executive Officer
Future Mobility Solutions Limited
Phone +64 9 414 5542
End CA:00307843 For:FMS Type:TRANSACT Time:2017-09-27 08:31:00