Minerva Equity Limited - 31 March 2019 Final 19.08.2019 - Flipbook - Page 73
Minerva Equity Limited (formerly DMWSL 881 Limited)
Notes to the financial statements
for the period ended 31 March 2019 (continued)
31 Business combinations (continued)
Supporting notes to summary of recognised amounts of identifiable assets acquired and
liabilities assumed
The adjustments arising on acquisition were in respect of the following:
(a)
An increase in the provision relating to billed and unbilled receivables.
(b)
Deferred tax adjustment arising as a result of the acquisition adjustments.
Below summarises total cash flows in respect of the three acquisitions referred to previously.
Equity
purchase
Transaction
costs
Cash
acquired
Total cash
flow
£’000
£’000
£’000
£’000
(144.4)
(8.1)
25.5
(127.0)
Industrial Water Jetting Systems
Group Limited
(6.3)
(0.7)
0.2
(6.8)
Avonline Network Services Holdings
Limited
(4.6)
(1.5)
1.4
(4.7)
(155.3)
(10.3)
27.1
(138.5)
Thor Topco Limited
32 Post balance sheet event
On 4 April 2019, 100% of the share capital of The Tomato Plant Company Limited (“TPC”) was
acquired by the Group. TPC is a specialist service provider to the aviation, utility and industrial
sectors.
On 28 June 2019, 100% of the share capital of Antagrade Electrical Limited (“Antagrade”) was
acquired by the Group. Antagrade is one of the UK’s leading providers of specialist railway
electrification infrastructure services.
On 4 April 2018 additional senior loan was drawn amounting to £35 million in order to fund the
acquisitions of Industrial Water Jetting Systems Group Limited, Avonline Network Services Holdings
Limited, The Tomato Plant Company Limited and Antagrade Electrical Limited.
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