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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Tertre Rouge Assets Plc | LSE:TRA | London | Ordinary Share | GB00BNHN6S26 | ORD GBP0.04 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 65.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Blank Checks | 0 | -591k | -0.1159 | -5.61 | 3.32M |
RNS Number:2755Q TransEDA PLC 29 September 2003 TransEDA PLC ("the Company") Disposal On 22 August 2003 the Company announced that it had entered into Heads of Terms for the sale of all of the issued share capital of TransEDA Technology Limited ("TTL") with Valiosys S.A. ("Valiosys"). TTL owns all of the operating assets of the TransEDA group. Under the Heads of Terms, Valiosys agreed to purchase the issued share capital of TTL for a one-off payment of #1,150,000 subject, inter-alia, to satisfactory due diligence. At this time Valiosys were granted a period of exclusivity which lasted until 15 September 2003 and was subsequently extended to 26 September 2003. The Board has now completed a Sale and Purchase Agreement with Valiosys for the sale of the whole of the issued share capital of TTL for a total consideration of #882,685, the principal terms of which are as follows: * the consideration payable under the agreement was the payment by Valiosys of a cash sum of #257,993 and the settlement of the inter-company balances between TTL and the Company resulting in a net transfer to the Company of #624,692; * the agreement contains various warranties and a tax indemnity given by TransEDA none of which are unusual for an agreement of this nature; * TransEDA has also entered into restrictive covenants for a period of twelve months following completion relating to, inter alia, the non-solicitation of customers and employees of TTL; and * Clause 22 of the agreement requires TransEDA to despatch to its shareholders a notice convening an Extraordinary General Meeting of the Company within 45 days of Completion at which a special resolution is to be proposed to change the name of the Company. It is expected that a circular will be despatched to shareholders within the next week to convene the Extraordinary General Meeting at which such a resolution will be proposed. The total consideration is less than the amount referred to in the Heads of Terms due to certain adjustments made as a result of the due diligence process. These related to certain potential liabilities and trading losses incurred since the Heads of Terms were signed. The Directors recognise that the Company now has no trading activities and, after normal operating expenses and the expenses relating to the transaction, is expected to hold cash amounting to approximately #700,000. No actions will be taken with respect to the future of the Company until after the Extraordinary General Meeting. Board Changes Gordon Whelan has stepped down from the Board and continues to work for TTL under its new ownership. Ian Benson will take over as Company Secretary. The Board would like to thank Gordon for all of his hard work over the last few months during a period that has not been easy for the Company. Further Board appointments will be considered when the future of the Company has been decided. Change of Registered Office The Company has now changed its registered office to Eversheds LLP, Cloth Hall Court, Infirmary Street, Leeds, LS1 2JB. This information is provided by RNS The company news service from the London Stock Exchange END DISLLMMTMMTTBFJ
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