Stage Systems Limited

Havelock Europa Plc, Alfreton, Derbyshire, England, a specialist in design, shopfitting and provision of specialist related services, acquired Stage Systems Ltd, Leicester, Leicestershire, England, a manufacturer of educational furniture, for a maximum consideration of GB£3.45m. The consideration was satisfied as to GB£3.2m in cash via a vendor placing of 2,091,504 vendor placing shares, which have been placed by Investec with institutional and other investors at 153p per share, and the balance of GB£0.25m by the issue of 159,236 consideration shares to the vendors. Havelock also announced a cash placing of 1,108,496 cash placing shares at a price of 153p per share to raise approximately GB£1.7m before expenses for the company. The net proceeds of the cash placing will be used to finance planned capital expenditure in order to meet growing demand, to deliver further operating efficiencies at Havelocks three main manufacturing sites and to meet the costs of the placing.