new direction for acuron

ABN 24 006 631 769
Level 3, 220 St George’s Terrace
Perth, WA 6000
PO Box 7218
Cloisters Square, WA 6850
Telephone: 9480 1111
Facsimile: 9480 1120
ASX / MEDIA RELEASE
(issued Monday evening 23/4/07 for lodgement with ASX prior to commencement of trading 24/4/07)
NEW DIRECTION FOR ACURON
The board of directors of Acuron Limited (“Acuron” or ”Company”) (ASX:AVP) are pleased to announce a new strategic direction for the Company. This media release should be read in conjunction with our ASX announcement lodged today – April 24, 2007.
Acuron has executed agreements to purchase the following highly respected, profitable companies:
• Noel Arnold & Associates Pty Ltd (“NAA”), a well established national risk management consulting group; and
• ENV Australia Pty Ltd (“ENV”), a rapidly growing Perth based environmental consulting services business.
In addition, Acuron has entered into an option agreement to purchase Melbourne based ECC Pty Ltd (“ECC”), a specialist Legionella, water and energy management consulting group.
Acuron has also signed a Mandate Letter with Patersons Securities Limited in relation to the Company’s planned $15 million capital raising.
Acuron director Mr Jeffrey Broun, (who will assume the role of Managing Director on completion of the above acquisitions) noted “the acquisitions of the above companies provide an immediate national risk management group, with combined revenues of approximately $30 million.”
“These acquisitions are just the beginning in our pursuit of creating a very significant group of risk management businesses under the Acuron corporate umbrella. Industry feedback indicates other potential acquisitions opportunities are available” added Mr Broun.
“Acuron’s corporate model is based on the acquisition of highly respected private businesses in the risk management area with earnings up to $5 million pa, a sound depth of management and a clear plan to grow profits. Acuron closely monitors their financial performance but does not interfere in day to day matters unless necessary. Our objective is to bring great businesses into a more mature corporate environment enabling further growth of such businesses and enhanced shareholder value.
Acuron currently has a small wound dressing business based in London. As part of the move into the risk management arena, Acuron intends to either dispose of the wound dressing business or wind it up to focus on building its stable of risk management businesses.

As part of the Company’s change in the nature and scale of its activities, the Company intends to change its name to Acuron Capital Limited, to signify its strategic intent – that of a capital provider to acquire such well managed and complementary Small Medium Enterprises (“SME’s”) with strong growth capability.
Acuron will, upon completion of the acquisitions noted above, change the board of directors in keeping with its new direction and focus. Mr Noel Arnold and Mr Andrew Meerman, both executives of NAA, will join the board of Acuron along with Mr. Scott Bird (MD of ENV). In addition, Mr Michael Slater CA will join the board as an executive director (Finance and Chief Operations Officer). Mr Andrew Gay will retire from the board and Mr Stephen Belben will remain a non-executive director.
Mr Andrew Gay, Chairman of Acuron commented that “the Acuron board will focus on the M&A objective in building the risk management group – Acuron is fortunate to be able to secure the full time services of Mr Broun and Mr Slater who will drive the M&A outcomes. Mr Broun has extensive financial and corporate experience in the public company arena. He also has experience in assembling risk management SME’s into public listed groups with shareholder value enhancement through IPO / trade sale.”
“Mr. Michael Slater’s role will include overseeing financial aspects of the Company, as well as integration of the initial acquisitions. Mr Slater comes from a background of hands-on executive operational expertise and corporate compliance regimes” added Mr Gay.
“One of the great things about the Acuron model”, noted Mr Broun, is that “the businesses we will look at to join the Acuron family must be well managed, highly respected, great profile with demonstrable profit growth plans. We monitor their performance to the agreed strategic plan but do not intend to interfere in that business or tell them how to run the business. Neither will we force integration, change their name or impose a head office mentality on them. We will provide the capital facilitation and corporate environment to enable planned and structured divestments of retiring shareholders or growth capital injections so that the passion, commitment and leadership of that business remains in place – it is the power of the brands and the team’s passion to succeed that we actively encourage.”
“We have seen many excellent SME’s approach us in different industry sectors over the past six to eight months. Many are referred to us by brokers, banks and accountants. The SME’s are typically making up to $5 million NPAT but are too small to list in their own right, too small for private equity groups and are shackled by traditional bank financing. These features are common to many of the risk management businesses we are talking to. There is an eager audience of specialist consultancies looking to be a part of a bigger family but still having their operational autonomy, name and own special way of servicing their clients. We see great potential for Acuron to assist such risk management groups,” added Mr Broun.
For further information on this release or the ASX announcement lodged 24/4/07 please contact,
Jeffrey Broun
Phone: +61 (0) 8 9480 1111
Mobile: +61 (0) 419 934 623
[email protected]
Michael Slater
P: +61 (0) 8 9480 1111
M: +61 (0) 421 390 303
[email protected]
Stephen Belben
P: +61 (0) 8 9226 0326
M: +61 (0) 419 907 094
[email protected]