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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 |
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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