Completion of Investment (2630K)
July 12 2011 - 10:57AM
UK Regulatory
TIDMRBN
RNS Number : 2630K
Robinson PLC
12 July 2011
Robinson plc
("Robinson" or the "Company")
Completion of Investment
Robinson has today completed an agreement with Michael Gallo and
Olive Fleming, the directors and owners of Scotplast Limited
("Scotplast") (the "Existing Shareholders"), to acquire 35% of the
issued share capital of Scotplast.
Scotplast, which is based in Glasgow, specialises in producing
plastic inmould labelled ice cream containers for commercial and
retail markets.
Scotplast's audited turnover for the year ended 30 September
2010 was GBP4.1million; its audited profit before taxation for the
same period was GBP0.1million; and the total value of the assets of
Scotplast was GBP3.8million on that date.
The consideration for the acquisition of the 35% stake was
GBP250,000, which is being paid from existing cash resources. In
addition, Robinson has entered into a put and call option under
which Robinson can acquire the balance of the issued shares of
Scotplast, at any time in the period between 1 October 2013 and 30
April 2014. The price per share will be based on the performance of
the business in the two years ended 30 September 2013. Furthermore,
in the event of a higher offer for the business by a third party,
Robinson agrees to sell 35% stake in Scotplast.
Robinson has granted Scotplast a secured credit facility of up
to GBP300,000 bearing interest on commercial terms. The Facility is
repayable on 30 June 2014
Commenting on the transaction, Adam Formela, Chief Executive
Officer said "We are pleased to have the opportunity to get
involved in this interesting business, that serves the UK food
market, at this time. We believe that Robinson has some positive
contributions to make that should further enhance the business
performance."
For more information please contact:
Robinson plc
Guy Robinson, Finance Director Tel: 01246 505196
www.robinsonpackaging.com
WH Ireland
Katy Mitchell Tel: 0161 832 2174
This information is provided by RNS
The company news service from the London Stock Exchange
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