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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Leeds Group Plc | LSE:LDSG | London | Ordinary Share | GB0005100606 | ORD 12P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 10.00 | 9.00 | 11.00 | 10.00 | 10.00 | 10.00 | 0.00 | 07:48:48 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Textile Goods, Nec | 27.82M | -840k | -0.0307 | -3.26 | 2.73M |
TIDMLDSG
RNS Number : 7775T
Leeds Group PLC
06 July 2018
Leeds Group plc
Investment in Joint Venture
("Leeds Group" or the "Company")
Leeds Group plc announces that it has reached an agreement to terminate the joint venture investment in Stoff-Ideen-KMR GmbH ("KMR") between its German subsidiary, Hemmers/Itex Textil Import Export GmbH ("Hemmers") and Mr Maat. KMR will acquire Mr Maat's 50% shareholding in KMR for a total consideration of EUR500,000 (GBP442,000), to be paid EUR250,000 (GBP221,000) in cash and the balance being three shops at a value of EUR250,000 (GBP221,000). Mr Maat will resign as a director of KMR with immediate effect with no further costs to be incurred. Hemmers will retain its shareholding in KMR and become the sole owner. The transaction was completed on 5(th) July 2018.
KMR is a retailer of fabric and haberdashery, operating shops located throughout Germany. Hemmers original investment of 50% in KMR was made on 31 December 2014 and the investment was included in Hemmers accounts 31 May 2017 at a value of GBP832,000. KMR's sales revenue in the financial year ended 31 May 2017 was EUR10,849,000, and its pre-tax profit was EUR111,000. The net assets of KMR amounted to EUR2,174,000.
Mr Maat is a director of KMR and as such he is considered to be a related party of the Company as defined in Rule 13 of the AIM rules for Companies. The Directors of the Company consider, having consulted with the Company's Nominated Adviser, that the terms of the transaction are fair and reasonable insofar as the Company's shareholders are concerned.
The directors of Leeds Group believe that this is in the best interest of KMR and the Group by improving synergies and growth going forward.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 (MAR) and has been arranged for release by Jan G Holmstrom, Chairman.
Enquiries:
Leeds Group plc
Dawn Henderson
07747 777055
Cairn Financial Advisers LLP
Tony Rawlinson / Liam Murray
020 7213 0880
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
JVELLFFEDLIEIIT
(END) Dow Jones Newswires
July 06, 2018 02:00 ET (06:00 GMT)
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