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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 |
ADL plc New Bank Facility and Portfolio Valuation ADL plc ("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 today it signed a new £25 million Facility Agreement with IXIS Corporate & Investment Bank S.A. ("the Facility"). The Facility will be initially used, up to a maximum aggregate amount of £11 million: * To refinance ADL's existing borrowings with Fortis Bank S.A./N.V.; * To finance the acquisitions of two 40 bed homes, for which conditional contracts are expected to be signed shortly; and * To pay the costs and fees relating to the Facility and the proposed acquisitions. The balance of the Facility is available to ADL for further acquisitions, as they are identified, subject in each case to the prior approval of IXIS Corporate & Investment Bank. A key feature of the Facility is a reduction in the interest rate margin from the current 1.5% over LIBOR to 1.00% over LIBOR subject to cash flow cover. The Facility required ADL to have its portfolio of care homes re-valued by Christie & Co at 31 March 2006. The 9 freehold care homes, the South Garth Residential Care Partnership and the joint venture with Newford Limited, were valued on a portfolio basis, at £14.377 million (31 March 2005: £13 million) resulting in a valuation surplus of £1.377 million which has been credited to revaluation reserve. On this basis, the Directors of ADL estimate that the net assets per share at 31 March 2006 were approximately 82p (31 March 2005: 68.7p per share). For further information please contact: Richard Ellert, Commercial Director, ADL plc, Tel: 0113 239 2957 John Wakefield, Rowan Dartington & Co. Limited, Tel: 0117 933 0020 END
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