12/3/2023 0 Comments Nottingham rehabLondon Shares Fall as Russia-Ukraine Crisis Hits Sentiment Studio Retail to Appoint Administrators After Banks Refuse $34 Million Loan Studio Retail Cancels LSE Listing After Falling Into Administrationįrasers Group plc (LSE:FRAS) acquired Studio Retail Limited and Certain Other Assets of Studio Retail Group Plc.įTSE 100 Closes Down 1.7% on Fears of War in UkraineįTSE Drops, Pound May Extend Losses Vs Dollar on Ukraine Fears But Only Modestly UK Economy Likely to Stagnate if Energy Prices Stay ElevatedįTSE 100 Tipped to Rise, But Gains Seen Cappedįrasers Buys Troubled Studio Retail Group's Assets Ukraine War Set to Slow Eurozone, UK Economic Growth This YearīP Shareholders Expected to Receive 50% of Market Cap in DistributionsįTSE 100 Rises as Stocks See Partial Recovery along with the management of Nottingham Rehab completed the acquisition of Nottingham Rehab Limited from Findel plc (LSE:FDL) in a management buyout on April 19, 2013.įTSE 100 Ends Week With Solid Rebound Amid Continuing Russia-Ukraine War Equiniti Limited acted as registrar to Findel. Squire Sanders (UK) LLP acted as legal advisor to Findel. KPMG Audit Plc acted as accountant to Findel. Catalyst advised the management of Nottingham Rehab. Pinsent Masons acted as legal advisor to LDC. Stephen Malthouse and Michelle Clarke of Tulchan Communications acted as public relations advisor while Bod Buckby of N M Rothschild & Sons Limited and Ernst & Young UK, Investment Banking Arm acted as financial advisors to Findel. The disposal is expected to be earnings dilutive for Findel. The disposal agreement will automatically terminate if the disposal resolution and/or the clearance have not been obtained by April 30, 2013. The deal is expected to be completed by April 16, 2013. The disposal is subject to Findel's shareholder approval, obtaining clearance from Irish Competition Authority and obtaining sufficient funds for the deal and has been approved by the board of Findel unanimously. The Acquisition Finance team at Yorkshire Bank led by Mike Selina and Ruth Cherry provided a package of senior debt, including a revolving credit facility, to support the buyout.Īs at September 28, 2012, Nottingham Rehab had gross assets of £25.1 million and in the financial year ended Magenerated £76.8 million of revenue, operating profit of £2.1 million and a profit before tax of £3.6 million. Under the terms of the agreement, the gross consideration payable upon completion comprised a payment of £1.4 million into an escrow account to satisfy the estimated value of Nottingham Rehab's debt to the Findel Group Pension Fund. along with the management of Nottingham Rehab entered into a conditional agreement to acquire Nottingham Rehab Limited from Findel plc (LSE:FDL) for £24 million in a management buyout on March 19, 2013.
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