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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Bright Future | LSE:BRF | London | Ordinary Share | GB0031880445 | 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% | 1.35 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:4894Z Bright Futures Group PLC 08 March 2006 BRIGHT FUTURES GROUP PLC Disposal of Trading Subsidiaries Notice of EGM Bright Futures Group Plc, the UK mobility retailer, ("Bright Futures" or "Company") announces that yesterday it entered into a conditional sale and purchase agreement to dispose of the entire issued share capital of each of the trading subsidiaries of the Company, being Cascade Ventures Limited, The Mobility Group Limited, Youreable Limited, Scootermart Mobility Centres Limited, Scooter Mart Limited and Ortho-Kinetics (UK) Limited (together "the Trading Subsidiaries") and certain other assets and liabilities of the Company to Sussex Wellbeing Limited ("SWL") ("the Disposal"). As the Disposal will result in the Company no longer having a trading business, the sale and purchase agreement is conditional, inter alia, on the passing of the resolution to be proposed at an extraordinary general meeting of the Company on 30 March 2006 ("EGM"). Reasons for the Disposal In the light of the difficulties still being encountered in the retail sector, the directors of Bright Futures ("Directors") have concluded that the business of the Company is unlikely to achieve significant returns for shareholders in the foreseeable future. The offer from SWL to acquire the Trading Subsidiaries represents an opportunity for the Company to realise immediate value from its operations. Financial Performance The financial performance of the Company, which represents the business carried on by the Trading Subsidiaries, for the two years ended 31 December 2004 and the six months ended 30 June 2005 was as follows: Six months ended Year ended Year ended 30 June 31 December 31 December 2005 2004 2003 #'000 #'000 #'000 Turnover 1,733 4,632 5,355 Operating (loss)/profit (400) (209) 119 (Loss)/profit after taxation (399) (203) 121 (Loss)/profit per share (0.83) pence (0.22) pence 0.72 pence Principal terms of the Disposal Under the terms of the sale and purchase agreement, the Company has agreed to dispose of the entire issued share capital of each of the Trading Subsidiaries, along with its trading business and associated assets and liabilities of the Company itself, save for its contracts in relation to its listing on AIM and any tax liabilities, to SWL, for a consideration of #913,719 to be satisfied by the payment of cash on completion. Board Changes Upon completion of the Disposal, Tony Greenwood and Michael Dolan will resign as directors of the Company with immediate effect. Stephen Harpin will be joining SWL in an executive capacity to oversee the operations of the Trading Subsidiaries and will become a non-executive director of the Company upon completion of the Disposal. Emma Myers and Anthony Leon will remain on the board of the Company. Investing Strategy Following the Disposal, the Directors believe that the funds which will be in the Company could be attractive to a number of potential targets/investments. The Directors would prefer to acquire another company or business in exchange for the issue of ordinary shares in a single transaction (a "reverse takeover"). The Directors main investment criteria are: - * businesses which operate within broadly the same market as those of the Trading Subsidiaries; * businesses whose growth prospects, if achieved, will be earnings enhancing for Shareholders; * businesses which require little or no funding in excess of the cash resources available to the Company following the Disposal; and * maximising the value of the cash within the Company which the Directors believe is a valuable asset for emerging companies for whom conventional fundraising opportunities are not always available. Any acquisition of the Company will be put to the shareholders for their approval at the appropriate time. There is no guarantee that the Company will make a successful acquisition. However, if an acquisition and/or investment is not completed by 31 December 2006, the Directors will give Shareholders the opportunity to consider the future of the Company by convening an extraordinary general meeting to consider whether the Company should distribute funds to shareholders. EGM A circular with details of the EGM has been sent to shareholders and is available from the offices of Corporate Synergy Plc, 30 Old Broad Street, London EC2N 1HT until 30 March 2006. The EGM will be held at 10.00 a.m. on 30 March 2006 at Rowe Cohen, 6th Floor, Quay House, Quay Street, Manchester M3 3JE. RECOMMENDATION The Directors consider the terms of the Disposal and the resolution to be in the best interests of the Company and its shareholders. Accordingly, the Directors unanimously recommend shareholders to vote in favour of the Resolution as they have irrevocably undertaken to do in respect of their aggregate holding of 3,271,662 Ordinary Shares, representing 6.84 per cent. of the issued share capital of the Company. FURTHER INFORMATION Stephen Harpin - Bright Futures Group 01902 866166 William Vandyk - Corporate Synergy Plc 020 7448 4400 This information is provided by RNS The company news service from the London Stock Exchange END DISUUUAWWUPQGPR
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