Approved Acquisition
As set out above, Castle Acquisitions’ primary objective as an investment company is to acquire a company with, inter alia, attractive growth prospects and a sizeable UK workforce, as a means of introducing new members to the Pension Scheme and attempting to realise the inherent value of the surplus of the Pension Scheme. In line with this strategy, the Independent Directors believe that the Acquisition represents a substantial investment opportunity with the potential to deliver significant long-term enhancement of Shareholder value and provide the Company with a number of benefits. In particular, the Independent Directors believe that the Acquisition will:
- provide the Company with a well established proven business, having significant expertise in the specialist fields of electro-mechanical maintenance and repair, and provide the opportunity for commercial development and future growth, managed by an experienced management team, key members of which will be joining the Board;
- provide approximately 2,300 current and former UK employees who, with the consent of the Trustee, will be eligible to join the new section two of the Pension Scheme; and
- raise the profile of the Enlarged Group which may be expected to assist the Enlarged Group to attract and retain additional suitably qualified and experienced personnel to further augment the experience of the New Board. In particular, it will provide a means by which the Enlarged Group can potentially fund its future activities and growth both organically and via potential acquisitions.