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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Creative Educ | LSE:CEC | London | Ordinary Share | GB0032667916 | 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% | 0.10 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:4048I Creative Education Corp Plc 09 February 2005 The Creative Education Corporation PLC Acquisition of four Headstart nurseries The Creative Education Corporation PLC ("CEC"), the AIM quoted provider of nursery school facilities, announces that on 8 February 2005 it exchanged contracts to acquire the entire issued share capital of Headstart (NT) Limited, Headstart (PE) Limited, Headstart MK Ltd and Headstart (LB) Ltd, (together "Headstart") from Gary and Julie Moinet ("the Vendors"). Headstart operates five nurseries in Peterborough, Northampton, Leighton Buzzard in Bedfordshire and Milton Keynes (2) with a total of 242 places of which the nurseries in Peterborough and Northampton are freehold properties. Each nursery has established a sound reputation in their local area with occupancy currently at an average across the nurseries of 72 per cent. based on full time equivalent nursery places being filled. The last accounts of each Headstart company showed the following results: Headstart (LB) Headstart (NT) Headstart (PE) Headstart (MK) Total Limited Limited Limited Limited Year ended Year ended Year ended Year ended 31/12/03 31/3/04 31/8/03 31/12/03 Turnover #417,514 #310,523 #170,765 #191,728 #1,090,530 Profit / (loss) #98,219 #11,419 #15,583 #(4,668) #120,553 carried forward Net assets / #118,550 #261,948 #151,082 #(4,568) #527,012 (liabilities) Completion of the acquisition is expected to take place by 1 August 2005 and is conditionally principal on CEC's nominee being registered by OFSTED as the new day care provider in respect of each Headstart nursery. The consideration for Headstart is #1,500,000 to the Vendors to be satisfied as follows: * #1,330,000 in cash; * the issue and allotment of such number of ordinary shares in CEC as, at the average of the middle market listing of one CEC ordinary share on AIM as calculated from the Daily Official List for the five dealing days up to and including the third dealing day prior to the expected completion date, have a value equal to #100,000; and * the issue by the CEC of #70,000 convertible loan notes which are redeemable or convertible two years after completion or, if earlier, the date on which CEC receives an unconditional written confirmation from the Inland Revenue that there is no liability to taxation of any Headstart company. CEC is entitled to off set any such liability to tax of the Headstart companies against the nominal amount of the loan notes and interest payable on them. The interest rate in the loan notes is 1.5 per cent. over base and payable quarterly. The loan notes are not be transferable. David Alexander, chief executive of CEC, commented: "We are delighted to have acquired this high quality group of nurseries. The nurseries fit perfectly into our expansion plans geographically by helping to consolidate our presence in the Midlands. The group will reinforce our aim to provide high quality childcare in smaller settings. We are looking forward to working with the staff and the parents." Contacts: David Alexander - 020 8864 5147 Creative Education Corporation This information is provided by RNS The company news service from the London Stock Exchange END ACQEAFANEDNSEFE
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