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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Tellings Gldn | LSE:TGM | London | Ordinary Share | GB0033384180 | ORD 7P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 42.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Tellings Golden Miller Group plc Acquisition and proposed disposal The Board of Tellings Golden Miller Group plc (the "Company" or the "Group") announces that it has agreed to acquire a National Express coach operation from Arriva Northumbria Limited, a subsidiary of Arriva plc. The business is being acquired through the Company's wholly owned subsidiary, Classic Coaches (Continental) Limited. The acquisition comprises 7 coaches and the assignment of the contract to operate National Express Route numbers 425 between Newcastle and London, 326 between Newcastle and Cambridge and 032 between Southampton and London. No other assets or liabilities are being acquired. The consideration for the acquisition, which is in respect of the vehicles acquired, is approximately £0.6m payable in cash on completion. The vendor has given appropriate warranties and indemnities relating to the acquisition and the Company has indemnified Arriva against liabilities arising following completion of the acquisition. The acquisition will deliver contracted revenue of approximately £1.6 million per annum. The cash consideration will be funded from the Company's existing cash resources supplemented by third party financing of the vehicles. The acquisition complements the Company's existing National Express operations and fits well within the Group's existing operations in the North East. In addition, the Board has agreed, in principle, the sale of the assets of its Aircrews business comprising 24 vehicles, free of financing to OFJ Connections Limited. In addition, drivers, management and administrative staff with limited exceptions, will be transferred with the assets. Consultation with employees will begin shortly. Completion of the transaction is subject to contract expected to be around 31 December 2006. A further announcement will be made at the time the contract is entered into and conditions precedent have been met. Enquiries Stephen Telling Tel: 01344 875353 END
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