BELIZE CITY, Belize, Jan. 12 /PRNewswire/ -- Carlisle Holdings Limited
("CHL"), (Nasdaq: CLHL; London: CLH), a leader in outsourced facilities
services and staffing services, has exercised its option to purchase a 23.5%
holding in Belize Telecommunications Limited ("BTL") from related parties of
Michael A. Ashcroft ("Mr. Ashcroft"), the Chairman of CHL. As previously
announced in October 2000, the consideration for the purchase is at the
original cost to Mr. Ashcroft plus financing costs, amounting in aggregate to
$18.1m. The acquisition of this holding gives CHL a 51% interest in BTL. BTL
provides fixed and mobile telecommunications services in Belize and, in the
13 months to April 30, 2000, reported earnings after income taxes of $13.5m
and net assets of $63.3m.
The consideration for the purchase of the BTL investment together with the
repayment of a loan of $7.9m due to Mr. Ashcroft, totaling $26m, is being
satisfied by the disposal by CHL to Mr. Ashcroft of assets which include
11,075,000 shares in Corporate Services Group plc, 782,000 shares in
Professional Staff plc, 100% of a UK based investment broker business, other
minority investments and $2.4m in cash. CHL will realize a non-recurring
capital and foreign exchange loss of approximately $6.8m on the sale of the
investments.
The directors of CHL (excluding Mr. Ashcroft), having consulted with the
Company's UK nominated advisers, WestLB Panmure, consider the terms of the
above mentioned transaction are fair and reasonable for the shareholders of
CHL.
The transaction results in both a simplified structure for CHL and
increased cash flow from the resultant larger holding in BTL.
Forward-Looking Statements
Certain statements in this press release constitute "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995. In particular, statements contained herein regarding the
consummation and benefits of future acquisitions, as well as expectations with
respect to future revenues, operating efficiencies, net income and business
expansion, are subject to known and unknown risks, uncertainties and
contingencies, many of which are beyond the control of Carlisle, which may
cause actual results, performance or achievements to differ materially from
anticipated results, performance or achievements. Factors that might affect
such forward-looking statements include among others, overall economic and
business conditions, the demand for Carlisle's services, competitive factors,
regulatory approvals and the uncertainty of consummation of future
acquisitions. Additional factors which may affect Carlisle's businesses and
performance are set forth in filings by Carlisle Holdings Limited with the
United States Securities and Exchange Commission.
SOURCE Carlisle Holdings Limited
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Related links:
http://www.carlisleholdings.com
Company News On-Call:
http://www.prnewswire.com/comp/114380.html or fax,
800-758-5804, ext. 114380
CONTACT:
Carlisle Group, 561-368-3899; or Eileen
Halsch, 212-896-3816, for Carlisle Holdings Limited
NOTE TO EDITORS: This and other press releases are available at
the company's web site: http://www.carlisleholdings.com
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