Rok issues new shares to fund purchase of Topcon and Lemmeleg.
Property solutions group ROK has acquired two construction firms in the North of England.
Rok purchased Grimsby-based contractor Topcon for £3.2m and Lemmeleg Building and Contracting in Wakefield for £1.7m.
Topcon focuses on construction in North Lincolnshire and South Yorkshire for a range of clients including local authorities, commercial organisations and local developers. It had a profit of £600,00 for year ended 30 June 2004 and is expected to have net assets of £1.3m on the completion of the sale.
Lemmeleg Building and Contracting works in the Leeds area and West Yorkshire and had a pre-tax profit of £200,000 for the 15 month period to 31 July 2004. Net assets on completion are expected to be £1.3m.
Rok is funding the deals by raising 893,204 new shares at 515p, and by issuing institutions 468,234 new shares.