December 02, 2008 02:42 ET

Acquisitions and appointment of director



The  directors are delighted to announce the acquisition of two businesses in the retail health sector  and
the appointment of Mr Amin Kiddy as finance director.

The first of the acquisitions is that of a family run business based in Kettering, Northants called Hearing
Health and Mobility Limited ("HHML").  This successfully managed business reported a turnover of £1m in the
year to 31 March 2008 with a profit after tax of £145k.  Tim Evans, former part owner of the business, will
manage  the  hearing  aid side of the enlarged group going forward.  The acquisition  price  was  £791,597,
payable  as  to  £456,597 in cash and the balance in DHAIS Plc shares, 2,576,923 Ordinary  Shares  of  0.1p
allotted  at  13  p  per share.  The funding of this acquisition was by way of a loan from  Zig  Zag  Water
Limited,  a  company in which the Chairman of DHAIS Plc, Mr Mark Moss, and Mr Amin Kiddy have a controlling
interest.  The loan is for a period of 5 years, unsecured and bears interest at 11% per annum.

The second acquisition is that of the Hearing and Mobility Centres ("HAM Centres") from Cranley Investments
Limited ("Cranley") for a consideration of £885k.  DHAIS Plc had previously lent monies totalling £885k  to
Cranley  over  the  last year.  Cranley had used such monies to accumulate 9 hearing and mobility  centres.
All   9  HAM  Centres  have  now been transferred to HHML and the loan novated  from  Cranley  to  HHML  in
consideration for the purchase.  The HAM Centres had achieved revenues of approximately £800k in the period
from  1  October  2007  to  31 August 2008 and while the Centres incurred losses  during  this  period  the
Directors are confident that by combining the two businesses, synergies can be achieved in order to enhance
the  profitability of the newly enlarged group. Goodwill of £480k was included in the purchase of  the  HAM

DHAIS  historically  has  principally  been  trading as a  freelance  marketing  company,  specialising  in
generating  sales  leads for digital hearing aid retailers, manufacturers and distributors  in  the  United
Kingdom.  The Directors are of the belief that by expanding the lead generation services into the  mobility
and  other  health related sectors and furthermore by entering into the retail sector by way of  these  two
acquisitions,  they  can  build  a  significant business which will enhance  shareholder  value.  HHML  was
identified  as  a  target  as it provided evidence that hearing and mobility centres  can  be  successfully
combined.  The  Directors  are delighted that the acquisition of HHML has led to  Tim  Evans,  a  qualified
hearing aid dispenser, being brought into the management team to run the hearing aid side of the business.

As  a  result of the two acquisitions, HHML has become a 100% subsidiary of DHAIS Plc and will  operate  15
shops in hearing and mobility.  DHAIS Plc is considering further acquisitions in the forthcoming months  in
order to maximise synergies and take advantage of economies of scale.

Mr  Amin  Kiddy,  a  chartered  accountant, has been appointed as finance  director.   Mr  Andrew  Williams
continues to stay on the board of directors as a non executive director.

Mr Amin Kiddy has held the following directorships during the past five years:

PRESENT                                    PREVIOUS
Kalker Uk Limited                          Induction Loop Systems Limited
Kidson Properties Limited                  Interoute Transport Services Limited
Zig Zag Water Limited                      Kyss Limited

There  are  no  other matters in respect of the appointment of Mr Kiddy which are required to be  announced
pursuant to Paragraph 18 of Appendix 1 of the PLUS Markets "Rules for Issuers".

As  a  result of the acquisition, 2,576,923 new Ordinary Shares in the Company have been issued.  Following
the  acquisition  and  the  appointment of Mr Kiddy, the shareholdings of the existing  Directors  has  not
changed,  but  the Directors of DHAIS plc now hold 93.7% of the total issued share capital of the  Company.
The directors and significant shareholdings are disclosed below.

Directors                       Shares held           Percentage holding
Mark Moss                       16,745,000            31.8%
Neil Copeland                   10,835,000            20.6%
Paul Clover                     10,835,000            20.6%
Amin Kiddy                      10,835,000            20.6%

Significant shareholders        Shares held           Percentage holding
Tim Evans*                      2,576,923             4.9%

*the above disclosure is in respect of a joint holding between Mr Evans and his wife.

The Company now has 52,576,923 shares in issue.

1 December 2008

The Directors of the Issuer accept responsibility for this announcement.


Amin Kiddy
A Kiddy Management Consultants
Tel:  +44 (0) 2920 666888

Nick Michaels
Alfred Henry Corporate Finance Limited
Tel:  +44 (0) 20 7251 3762

Contact Information

  • DHAIS plc