WSP Intends to Acquire Sweett
The offer price represents a premium of approximately:
-- 52.17 percent to the closing price per Sweett Share of 23 pence on 24 May 2016 (being the last business day prior to the date of this announcement); and
-- 73.58 percent to the six-month average price per Sweett Share of 20 pence (being the average closing price for the six month period ended on 24 May 2016 being the last business day prior to the date of this announcement).
Sweett is an international business provider of professional services for the construction and management of building and infrastructure projects. Its services include quantity surveying/cost management, project management, building surveying and specialist and advisory services. Sweett employs approximately 600 people, mainly based in the United Kingdom. On April 26, 2016, Sweett released a trading update for the year ended March 31, 2016, which included the following information in relation to Sweett's current trading and prospects: "Trading in the year to March 31, 2016 in the Group's ongoing business (excluding MENA) which now predominantly comprises the UK has been strong with anticipated revenue of GBP 54.9 million representing growth of approximately 6.6 per cent (2015: GBP 51.5 million)."