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AD. Adl

50.00
0.00 (0.00%)
03 May 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Adl LSE:AD. London Ordinary Share GB0005739999 ORD 5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 50.00 0.00 01:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Acquisition(s)

04/07/2006 5:03pm

UK Regulatory


    ADL plc ("ADL" or the "Company")                        

 Completion of the acquisition of Solutions (Yorkshire) Limited ("Solutions")  

ADL, the AIM listed long term healthcare provider, which currently owns and
operates nine care homes, with 311 operational beds, and manages a further two
care homes, with 63 operational beds, on a partnership or joint venture basis
is pleased to announce that the Company has today completed the acquisition of
the entire issued share capital of Solutions, owner and operator of a 40 bed
nursing home in Leeds, from Pearl Jackson, Operations Director of ADL (the
"Acquisition"). The Acquisition was unanimously approved by ADL's shareholders
at an Extraordinary General Meeting held on 12 June 2006

The consideration paid was an initial consideration of £1.7 million ("Initial
Consideration") and additional consideration of £60,000 (representing the
agreed estimate of the profits after tax of Solutions for April, May and June
2006). In addition, the Company will assume Solution's debt amounting to
approximately £750,000.

Deferred consideration, subject to a maximum of £0.5 million, representing the
net tangible assets of Solutions as derived from its statutory accounts at 31
March 2006 ("Completion Accounts") including a revaluation of the property
owned by Solutions from £883,193 to £2.4 million and after deduction of the
Initial Consideration is payable in cash within 10 business days of
finalisation of the Completion Accounts pursuant to the terms of the
acquisition agreement.

Jeremy Davies, Managing Director of ADL, commented on the Acquisition:

"The acquisition of Solutions increases ADL's portfolio of care homes to 12
with 414 operational beds and we hope that this is the first of several
acquisitions using the Company's new £25 million facility with IXIS Corporate &
Investment Bank S.A., that was announced on 4 May 2006. The Board believes the
Acquisition will enhance the Company's business and Shareholder value".

For further information, please contact:

Jeremy Davies, Managing Director, ADL plc       07860 717458                   
                                                                               
Emily Morgan, Rowan Dartington                  0117 933 0020                  
                                                                               



END



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