Acquisition
October 19 2009 - 2:00AM
UK Regulatory
TIDMPKW
RNS Number : 9561A
Parkwood Holdings PLC
19 October 2009
19 October 2009
Parkwood Holdings plc ('the Company' or 'Parkwood")
Glendale Grounds Management Limited and TEG Announce End of JV
Parkwood's subsidiary, Glendale Grounds Management Limited ("Glendale") and The
TEG Group Plc ("TEG") on 16 October 2009 reached agreement for Glendale to
acquire TEG's shares in Verdia Horticulture Limited ("Verdia" or "the JV"), the
joint venture company launched in 2007 to manufacture horticultural compost
products. The parties believe that the future of Verdia is best served as a
wholly owned operation and, as the Verdia plant at Hillbarton, Exeter, is part
of a larger Glendale facility, the parties considered it more appropriate for
Glendale to acquire the share capital from TEG. The cash consideration for the
shares is GBP150,000 and, in addition, working capital loans of GBP200,000 have
been repaid to TEG. In the year ended 31 December 2008 Verdia recorded a loss
before tax of GBP51,000, and as at that date Verdia's gross assets amounted to
GBP1,483,000 and net assets amounted to minus GBP80,800.
TEG will continue to support Verdia under the plant supply agreement between the
parties.
Contact:
For further information please contact either:
Tony Hewitt, Executive Chairman,
Carolyn Smith, Company Secretary, 01772 627111.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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