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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Rotala Plc | LSE:ROL | London | Ordinary Share | GB00B1Z2MP60 | ORD 25P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 63.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMROL
RNS Number : 8493T
Rotala PLC
17 October 2017
RNS
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
17 October 2017
Rotala Plc
("Rotala" or "the Company" or "the Group")
Further re Fund Raising and Acquisitions
Further to its announcement on 28 July 2017 regarding a Placing and Subscription to raise GBP3.5 million (before expenses) to fund acquisitions, Rotala announces that it has now entered into a conditional agreement to acquire a business and certain assets from National Express Limited ("National Express"), being one of the acquisition opportunities previously described.
Pursuant to the terms of a business purchase agreement ("BPA"), Rotala has agreed to acquire the Hotel Hoppa business from National Express. This business comprises a passenger transport service between Heathrow Airport (all terminals) and hotels within a five mile radius of Heathrow Central Bus Station, delivered under contracts with those hotels and other airline customers. The acquisition includes the right to use the business name, the goodwill of the business and the novation of the underlying contracts, together with the fleet of 32 buses. The consideration of GBP2 million will be payable in full on completion of the BPA from the Company's existing cash resources.
The Directors believe that the Hotel Hoppa acquisition will enable Rotala to strengthen significantly its operations in the Heathrow area. Many of the airline customers of the Hotel Hoppa business are already users of various airside and landside services provided to them by Rotala in and around the airport. No additional overheads are expected to be required as a result of the acquisition since the acquired business will utilise spare capacity in the existing Rotala depots on the southern side of Heathrow Airport. The Directors believe that the Company will benefit, in the first full year following completion of the acquisition, from additional sales, EBITDA and profit before tax contributions of approximately GBP6.0 million, GBP0.5 million and GBP0.2 million respectively.
Completion of the BPA is expected to occur towards the end of November 2017, following compliance by National Express with its obligations under the Transfer of Undertakings (Protection of Employment) Regulations 2006, and by no later than 31 December 2017, following satisfaction or waiver of the conditions.
Unless otherwise defined, capitalised terms in this announcement shall have the same meaning as those within the 'Definitions' section of the Company's RNS released on 28 July 2017.
Rotala Plc 0121 322 2222 John Gunn, Chairman Simon Dunn, Chief Executive Kim Taylor, Group Finance Director Nominated Adviser & Joint Broker: Cenkos Securities plc 020 7397 8900 Stephen Keys/Mark Connelly/Callum Davidson (Corporate Finance) Michael Johnson/Julian Morse (Corporate Broking) Joint Broker: Dowgate Capital Stockbrokers Ltd 0203 903 7715 David Poutney/James Serjeant (Corporate Broking)
This information is provided by RNS
The company news service from the London Stock Exchange
END
ACQUBUORBSARAAA
(END) Dow Jones Newswires
October 17, 2017 09:30 ET (13:30 GMT)
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