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Share Name | Share Symbol | Market | Type |
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Ipico | TSXV:RFD | TSX Venture | 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 | - |
RNS Number:4741Q Richmond Foods PLC 02 October 2003 02 October 2003 Richmond Foods plc ("Richmond" or "the Company") Richmond announces that it has entered into an agreement today for the acquisition of the entire issued share capital of Oldfields Ice Cream Limited (" Oldfields"). Oldfields is a Sheffield based manufacturer of ice cream products, mainly 2 litre tubs and catering products. For the year ended 31st December 2002, Oldfields recorded a gross profit of #0.95 million and a profit before tax of #0.3 million on turnover of #5.4 million. At that date Oldfields had net assets of #2.6 million. The net consideration for the acquisition is #3.95 million comprising a gross consideration of #5.5 million less cash at bank in Oldfields of approximately #1.55 million. The consideration will be satisfied by cash on completion excluding #0.15 million deferred until November 2003 and #0.4 million that will be deferred until June 2004. The deferred consideration will be reduced on a # for # basis to the extent that the completion balance sheet, after audit, has net assets less than #3.175 million. James Lambert, Chief Executive Officer of Richmond, stated, "I am delighted at this further acquisition which will help move Richmond forward towards achieving our strategic goal, which is to be 'The Number One Supplier of Ice Cream in the UK'." ENDS For further information contact: James Lambert - Chief Executive, Richmond Foods plc Mobile: 07850 702042 Simon Bloomfield Bankside Consultants Tel. 0207 444 4140/mobile 07771 758 517 This information is provided by RNS The company news service from the London Stock Exchange END ACQEASEAEDLDFFE
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