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Rok makes £16m move for Llewellyn

12 April 2012

ACQUISITION-hungry Rok Property Solutions is to swallow privately-owned constructor Llewellyn in a £16.25m cash and new shares deal. Llewellyn operates from depots in East London, Brighton, Eastbourne and Milton Keynes. It has property assets independently valued at £16.4m and construction plant assets worth £4.7m.

Rok chief executive Garvis Snook plans to develop these as well as integrating the two businesses in their specialist site, structure planning and design services.

The deal will be part financed by a placing of new Rok shares with institutions to raise £6m and an open offer to existing shareholders on a one-for-17 basis at 165p each. Rok shares today added 3p to 176 1/2p.

Rok's forward order book now stands at a record £100m. Pre-tax profits for the six months ending June rose 47% to £1.8m. The interim dividend is increased 7% to 1.6p.

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