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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Coral Products Plc | LSE:CRU | London | Ordinary Share | GB0002235736 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 12.75 | 12.50 | 13.00 | 12.75 | 12.75 | 12.75 | 34,301 | 08:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Plastics Products, Nec | 35.22M | 1.26M | 0.0141 | 9.04 | 11.37M |
TIDMCRU
RNS Number : 2133N
Coral Products PLC
30 May 2022
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (MAR) as in force in the United Kingdom pursuant to the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service (RIS), this inside information is now considered to be in the public domain.
Coral Products plc
(the "Company", the "Group" or "Coral")
Acquisition of Alma Products Limited
Coral Products plc, a specialist in the design, manufacture and supply of plastic products based in Wythenshawe, Manchester, is pleased to announce that it has today acquired the entire issued share capital of Alma Products Limited ("Alma") for a net consideration of GBP1,500,000 (the "Acquisition") to be satisfied in cash.
The cash consideration for the Acquisition is being satisfied from the Group's existing resources.
In addition, an earn-out consideration ("Earn Out Consideration") is payable for the year ended 30 April 2023 if the EBITDA:
-- Is equal to GBP500,000 then the amount of Earn Out Consideration shall be GBP1,000,000;
-- Is less than GBP500,000 then the Earn Out Consideration shall be GBP1,000,000 less an amount equal to GBP5 for each GBP1 EBITDA is below GBP500,000;
-- Is less than or equal to GBP300,000 then the Earn Out Consideration shall be GBP0; or -- Is more than GBP500,000, an additional amount payable shall be calculated as follows:
o (5x multiple of every GBP1 by which the EBITDA exceeds GBP500,000) multiplied by 50%
Under no circumstances shall the Earn Out Consideration exceed GBP1,500,000
Executive Chairman, Joe Grimmond, said: "This acquisition further reinforces our focus on niche, specialist operators in the plastics sector.
Alma operating from its freehold Runcorn premise is very well invested in state-of-the-art sheet extrusion, volume vacuum forming and one of the most advanced computer-controlled printing facilities in the industry.
Alma with its BRC grade and ISO 9000 quality certifications can operate across a wide range of sectors including food packaging and personal care as examples.
This acquisition broadens our Groups product and manufacturing offering and greatly expands our available market opportunities.
We expect this acquisition will be earnings enhancing in its first year."
About Alma Products Limited
Alma has expertise in extrusion, thermoforming and container printing. It is owned and controlled by Hildegard Bobb-Kessler ("Vendor").
The Alma team will remain as employees of the Group.
As per the audited financial statements for the year ended 31 December 2020, Alma reported an adjusted net asset value of GBP1,800,000; sales of GBP8,700,000, profit before tax of GBP264,000 and EBITDA of GBP469,000. For the year ended 31 December 2021, Alma is forecasting sales of GBP12,300,000, profit before tax of GBP146,000, EBITDA of GBP424,000 and an adjusted net asset value of GBP2,000,000.
Pursuant to the terms of the share purchase agreement, the Vendors have given warranties and indemnities in favour of the Company.
For more information on Coral and Alma, please visit the following websites:
www.coralproducts.com
www.almaproducts.co.uk
ENQUIRIES :
Coral Products plc
Joe Grimmond, Executive Chairman Tel: 07703 518148
WH Ireland, Nominated Adviser and Broker Tel: 020 7220 1666
Katy Mitchell
Darshan Patel
Megan Liddell
Capital Markets Consultants Limited Tel: 07515 587184
Richard Pearson
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END
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(END) Dow Jones Newswires
May 30, 2022 02:01 ET (06:01 GMT)
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