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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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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 | |
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0.00 | 0.00% | 50.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
ADL plc ("ADL" or the "Company") Proposed 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 conditionally entered into an acquisition agreement to acquire 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 is conditional on, inter alia, the consent of ADL's shareholders ("Shareholders"). The consideration for the Acquisition is a maximum of £2.26 million payable in cash. In addition, the Company will assume Solution's debt amounting to approximately £770,000. The consideration will be payable as to an initial consideration of £1.7 million ("Initial Consideration"), additional consideration of £60,000 (representing the agreed estimate of the profits after tax of Solutions for April, May and June 2006) ("Additional Consideration") and 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 £858,314 to £2.4 million and after deduction of the Initial Consideration ("Deferred Consideration"). The Initial Consideration and the Additional Consideration are payable in cash after approval by Shareholders of the resolution to be proposed at an Extraordinary General Meeting ("EGM"). The Deferred Consideration is payable in cash within 10 business days of finalisation of the Completion Accounts pursuant to the terms of the acquisition agreement. For the financial year ended 31 March 2005, Solutions recorded a profit before tax of £299,000 on a turnover of £993,000 and as at 31 March 2005, had net assets of £394,000. Unaudited management accounts for the seven months ended 31 October 2005 showed turnover of £584,000, adjusted operating profits of £ 222,000 and net assets of £2,058,000 after the revaluation of the nursing home from £858,314 to £2.4 million. 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". The Acquisition is a substantial property transaction involving a director, within the meaning of section 320 of the Companies Act 1985 (the "Act"). Pearl Jackson, the sole shareholder of Solutions, is the Operations Director of ADL and has a material interest in ADL of 10.12 per cent. of the issued share capital of the Company. It is therefore necessary for the independent directors of the Company (being the directors of the Company other than Pearl Jackson and Jeremy Davies, who may have a personal interest in the outcome of the proposed acquisition) ("Independent Directors") to seek the authority of Shareholders for the Acquisition to proceed. Accordingly, the Independent Directors have convened an EGM at which Shareholders will consider, and if thought fit, pass an ordinary resolution (the "Resolution") to authorise the directors of the Company to complete the Acquisition. The EGM is to be held at Corbie Steps, 89 Harehills Lane, Leeds LS7 4HA at 11.30 a.m. on 12 June 2006, at which the Resolution will be proposed to approve the Acquisition in accordance with section 320 of the Act. The Independent Directors, having consulted with the Company's nominated adviser, Rowan Dartington & Co. Limited, consider that the terms of the proposed acquisition agreement are fair and reasonable so far as the Shareholders are concerned and that the Acquisition is in the best interests of the Company and its Shareholders as a whole. Accordingly, they unanimously recommend that Shareholders vote in favour of the Resolution being proposed at the EGM as they intend to do in respect of their beneficial shareholdings amounting to 1,775,000 ordinary shares representing approximately 17.96 per cent. of the Company's existing issued share capital. For further information, please contact: Richard Ellert, Commercial Director, ADL plc 0113 239 2957 Barrie Newton, Director, Rowan Dartington 0117 933 0000 END
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