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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Capital Ideas | LSE:CAPT | London | Ordinary Share | GB0031453953 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.055 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:1625J Capital Ideas PLC 19 September 2006 Capital Ideas plc ("Capital Ideas" or the "Company") Portfolio Update The board of Capital Ideas is pleased to announce that one of the companies within its investment portfolio, B Fresh Limited, ("B Fresh") has been acquired by Consolidated Vending plc ("Consolidated Vending") for a consideration of #1.5m to be satisfied by the issue of 50,000,000 ordinary shares of 0.1p each at 3p per share in Consolidated Vending (the "Consideration Shares"). B Fresh is a niche business, specialising in the placement and management of vending machines. B Fresh operates over 500 machines dispensing miniature toiletries in health clubs and budget hotels. The company benefits from contracts with a number of blue chip customers including Fitness First Clubs Limited and David Lloyd Leisure. Consolidated Vending was formed earlier this year to make acquisitions in the vending machine market. In addition to the acquisition of B Fresh, Consolidated Vending has also acquired Snap Digital Imaging Limited, the second largest photo-booth operator in Europe, after Photo-Me International plc. Consolidated Vending plc intends to seek admission to trading on AIM in due course where it will continue to seek growth by acquisition. Capital Ideas invested #30,000 in B Fresh on 25 November 2005 by way of a convertible loan. Under the terms of the acquisition of B Fresh by Consolidated Vending, the convertible loan, together with 1 ordinary share in B Fresh which was allotted to Capital Ideas as commission upon making the convertible loan to B Fresh in November 2005, has been converted into 2,834,483 Consideration Shares, which represents 1.77% of Consolidated Vending's issued ordinary share capital. In addition, under the original terms of the convertible loan agreement the Company received a one off interest payment of #5,000. The interest payment, taken together with the Consideration Shares received, imply a return in excess of #90,000, or over 200%, on the convertible loan investment by the Company. In accordance with the Company's strategy, Capital Ideas intends to dispose of its entire interest in Consolidated Vending once its shares have been admitted to trading on AIM. Renwick Haddow, a director of the Company, is interested, in aggregate, in 82,594,089 ordinary shares of Consolidated Vending, which represents 51.58% of Consolidated Vending's issued ordinary share capital. Renwick Haddow is classed as a Related Party under the AIM Rules. The directors of the Company, with the exception of Renwick Haddow, consider, having consulted with WH Ireland Limited the Company's nominated adviser, that the terms of the transaction are fair and reasonable insofar as its shareholders are concerned. For further information please contact: Renwick Haddow, Capital Ideas plc Tel: 0207 623 3345 David Youngman, WH Ireland Limited Tel: 0161 832 2174 This information is provided by RNS The company news service from the London Stock Exchange END PFUSFLFEUSMSELU
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