Minerva Equity Limited - 31 March 2019 Final 19.08.2019 - Flipbook - Page 67
Minerva Equity Limited (formerly DMWSL 881 Limited)
Notes to the financial statements
for the period ended 31 March 2019 (continued)
30 Subsidiary undertakings (continued)
Company
Registered
country
Industrial Water Jetting Systems
Group Limited
England (1)
100% *
Wastewater network
services
Industrial Water Jetting Systems
Limited
England (1)
100% *
Wastewater network
services
Industrial Water Training Services
Limited
England (1)
100% *
Wastewater network
services
Company’s equity
shareholding at
31 March 2019
Principal business
* denotes indirectly held.
(1) Company’s registered office is: Abel Smith House, Gunnels Wood Road, Stevenage,
Hertfordshire, SG1 2ST
31 Business combinations
Group
Acquisition of Thor Topco Limited
On 30 July 2018, the Group acquired control of Thor Topco Limited through the purchase of 100% of
the share capital for total consideration of £152.5 million. Thor Topco Limited and its subsidiaries
provide repair and maintenance, refurbishment, enhancement and data services to blue-chip clients
in the gas, electricity, telecommunications, data, airports and rail sectors in the UK.
Management have estimated the useful economic life of the goodwill to be 10 years.
The acquisition of 100% of the share capital was made entirely in cash consideration.
For cash flow disclosure purposes, the amounts are disclosed as follows:
£m
Cash consideration paid
Directly attributable costs
144.4
8.1
Cash outflow on acquisition
152.5
Less: cash and cash equivalents acquired
(25.5)
Net cash outflow
127.0
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