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Share Name | Share Symbol | Market | Type |
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Bam Bam Resources Corp | CSE:BBR | CSE | Common Stock |
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% | 0.035 | 0.03 | 0.035 | 0 | 01:00:00 |
RNS Number:5984N Blooms of Bressingham Holdings plc 16 July 2003 BLOOMS OF BRESSINGHAM HOLDINGS PLC 16TH JULY 2003 APPROACHES - DISPOSALS - TRADING UPDATE APPROACHES On 27th March the Board announced that it was in discussions, which may or may not lead to an offer for the entire issued share capital of the Company. The Directors can now inform shareholders that, after considering the proposals and having concluded detailed discussions, the Board has unanimously decided that a deal on acceptable terms was not on offer from any of the parties with whom we had been in negotiation in recent months. As the Chairman indicated in the Annual Report and Accounts any proposals would need to be on terms that properly reflect the prospects for further development of the Group's excellent property assets over the medium term. None of the proposals that have been received to date have passed this test. The unaudited Interim results for the 6 months to July 2003 will be announced in October. These results will include an exceptional charge of not more than #260,000 in respect of the abort costs associated with the offers. POSSIBLE DISPOSALS The Board has received an offer for its three remaining non-core smaller garden centres, which includes stock at valuation. In addition the Board has also received a number of informal approaches for the new plant marketing business. Providing a satisfactory conclusion to these approaches can be reached your Board anticipates that the combined effect of these disposals will be to raise between #1.4 million and #1.6 million, which will reduce net bank debt to under #7 million. Completion of these sales will have a small positive impact on operating profit in the current year and further reduce interest charges. Provided these sales complete as anticipated, exceptional costs will be at breakeven apart from the abortive fees referred to above, estimated at #260,000. Following these disposals, the Group will be focused on its core larger centres with additional flexibility to take advantage of the considerable development opportunities opening up to it on its major sites. The above disposals combined with the disposals referred to by the Chairman in the annual report, should bring the total cash raised from disposals since the year end to between #2.8million and #3 million. TRADING UPDATE Trading continues to be satisfactory with sales to 13 July ahead by 9.6% like-for-like and our latest revised forecast for operating profit is comfortably in line with your Board's expectations. The Board believes that this is a particularly creditable result given the huge distraction to management that has been caused by the unsolicited approaches to which we refer above. In addition to being close to having disposed of our smaller centres , we have made progress with our green field site at Rugby, where our landlord has given his informal approval to a revised planning application for a 50,000 sq. ft heated covered sales facility. Early indications from the planners encourage us to believe that our application will be approved and consequently we will finally have a satisfactory solution. Furthermore discussions are continuing satisfactorily with the planning authorities in connection with our proposed application to increase the heated covered sales area of our Gloucester site from its current 9,000 sq ft of space to 50,000 sq ft. It should be remembered that our freehold site at Bicester already has planning consent to increase its heated covered space area by 82,000 sq ft to 100,000 sq ft. Charles Good, Chairman made the following comments: "We are firmly of the view that Blooms has passed the low point in its financial fortunes. The management team is highly energized by the turn round which they have delivered and are looking forward to producing a period of sustained and above average growth in profits." Enquiries Jon Kitching - 01452 887 530 Blooms of Bressingham Holdings Plc Nick Bankes - 07786 276 368 Teather & Greenwood This information is provided by RNS The company news service from the London Stock Exchange END MSCGUUBWMUPWGRA
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