ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for default Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.

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

Proposed Acquisition

25/05/2006 10:15am

UK Regulatory


    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



1 Year Adl Chart

1 Year Adl Chart

1 Month Adl Chart

1 Month Adl Chart

Your Recent History

Delayed Upgrade Clock