Minerva Equity Limited - 31 March 2019 Final 19.08.2019 - Flipbook - Page 69
Minerva Equity Limited (formerly DMWSL 881 Limited)
Notes to the financial statements
for the period ended 31 March 2019 (continued)
31 Business combinations (continued)
Group
Acquisition of Industrial Water Jetting Systems Group Limited
On 27 March 2019, M Group Services Limited acquired control of Industrial Water Jetting Systems
Group Limited through the purchase of 100% of the share capital for total consideration of £7.3, of
which £7.0 million was cash and the remainder being contingent on future performance. Industrial
Water Jetting Systems Limited provide wastewater network services to the water, transport and
environmental sectors.
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
6.3
Directly attributable costs
0.7
Cash outflow on acquisition
7.0
Less: cash and cash equivalents acquired
Net cash outflow
(0.2)
6.8
67