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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Pan European Terminals | LSE:PAN | London | Ordinary Share | GB00B12V3082 | 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% | 22.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:2427H Baltic Oil Terminals Plc 04 August 2006 4 August 2006 Baltic Oil Terminals PLC Acquisition of Baltic Top Terminal Baltic Oil Terminals PLC ("Baltic"), which invests in oil related infrastructure projects and upstream activities in Russia and countries in the former Soviet Union - announces the acquisition on 3 August 2006 of the Baltic Top Terminal ("Baltic Top") in Kaliningrad, Russia. Baltic Top is a refined products terminal business, with a throughput capacity of 10,000 tonnes per month, which stores gasoline and diesel delivered by rail for storage and onward delivery to customers in the Kaliningrad region. The operations of Baltic Top, which has 38 employees, are located on a 2.2 acre site which is situated approximately 1.5 kilometres from the site of Baltic's Tetoil oil export transhipment terminal which is currently under construction. The acquisition of Baltic Top is being effected through the acquisition by a Baltic subsidiary of Pazega Limited, a Cyprus company which has acquired all of the interests in OOO Baltictop ("BT") and OOO Otelbiznesstroy ("OBS"), both Russian limited liability companies. The consideration has been satisfied through the payment of US $3.35 million (#1.78 million) in cash. As is common practice in Russia, the operations of the terminal are conducted through OBS, which owns the assets of the business, and BT, which employs the staff and operates the business. In the year ending 31 December 2005, the Baltic Top business generated a profit before tax of approximately $0.4m (#0.2m) on revenue of approximately $0.8m (#0.4m). Net assets at the year end amounted to approximately $0.2m (#0.1m). In the short term, Baltic intends to increase turnover to $0.9m and profit before tax to $0.5m. In the longer term, Baltic intends to further increase profitability by maximising the synergies between Baltic Top and the Tetoil terminal currently under construction. Commenting on the acquisition of Baltic Top, Simon Escott, Chief Executive of Baltic, commented: "We are very pleased to have completed the acquisition of Baltic Top, which will provide Baltic with immediate revenues and cashflows. We believe that Baltic has acquired the business at a very attractive price in comparison to its present enterprise valuation and whilst it has operated profitably for a number of years, we are confident that there is scope to enhance its performance. Importantly, it also establishes for Baltic an active operational presence in Kaliningrad and provides us with a highly experienced operations team, that will prove invaluable for the start up of the Tetoil terminal presently under construction. - Ends- Enquiries: Baltic Oil Terminals plc Simon Escott 07920 095 800 Robert Wilde 01908 547 920 Financial Dynamics Billy Clegg 020 7831 3113 Ed Westropp 020 7831 3113 This information is provided by RNS The company news service from the London Stock Exchange END ACQUOAKRNNRWRAR
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