Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

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For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

COOKIES

In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.

HOW WE USE INFORMATION

We store and use information you provide as follows:

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We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

If you want more information or have any questions or comments relating to our privacy policy please email publishing@financialexpress.net in the first instance.

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Coral Products PLC (CRU)

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Monday 22 February, 2016

Coral Products PLC

Acquisition and Placing

RNS Number : 6691P
Coral Products PLC
22 February 2016
 

22 February 2016

CORAL PRODUCTS PLC

("Coral" or the "Company")

 

ACQUISITION AND PLACING

 

Acquisition of the entire issued share capital of Global One-Pak Holdings Limited

 

Placing of 13,750,000 new ordinary shares at 20 pence per share raising £2.75 million

 

 

Coral Products plc, a specialist in the design, manufacture and supply of injection moulded plastic products based in Haydock, Merseyside, is pleased to announce that it has conditionally acquired the entire issued share capital of Global One-Pak Holdings Limited ("GOP") for a minimum consideration of £3.60 million ("Acquisition"), comprising £2.95 million to be satisfied in cash and £0.65 million to be satisfied by the issue of 3,250,000 new ordinary shares to the vendors of GOP ("Vendors") at a price of 20 pence per share ("Consideration Shares").

 

The cash consideration for the Acquisition is being satisfied from:

 

(i)            £0.40 million of free cash available at GOP, such funds becoming payable to the Vendors pursuant to the terms of the share purchase agreement between the Vendors and the Company ("SPA") as to £0.30 million upon completion of the Acquisition and £0.10 million on the date falling 90 calendar days after the date of completion of the Acquisition; and

 

(ii)           £2.55 million of the proceeds of a placing of 13,750,000 new ordinary shares in the Company at a price of 20 pence per share ("Placing Shares") with new and existing investors (the "Placing") to raise £2.75 million for Coral before expenses of approximately £0.20 million. The Placing was conducted through Daniel Stewart & Company Limited, the Company's broker, and was oversubscribed.

 

In addition to the consideration of £3.60 million detailed above, an earn-out consideration shall become payable to the Vendors in the event that GOP's EBITDA for the year ended 31 December 2016 ("2016 EBITDA") exceeds GOP's EBITDA for the year ended 31 December 2015 ("2015 EBITDA") ("Earn-Out Consideration"). If triggered, the Earn-Out Consideration shall be equivalent to 2.5 times the difference between 2016 EBITDA and 2015 EBITDA and shall be payable by the date no more than 20 business days after the date on which 2016 EBITDA is agreed ("Due Date") via the issue of new ordinary shares in the Company at a price determined by the average closing mid-market price in the Company's ordinary shares for the five business days prior to the Due Date. The Company will make a further announcement in due course once it has been determined whether any Earn-Out Consideration is payable.

 

GOP designs, manufactures and supplies lotion pumps and trigger sprayers to a broad range of customers worldwide, including a number of global brands, across a wide range of markets, including household and garden, automotive, personal care and pet grooming. GOP, which is based in Manchester, approximately 35 miles from Coral's manufacturing facility in Haydock, will continue to operate from its existing premises.

 

In the year ended 31 December 2015, GOP's audited sales and EBITDA were approximately £2.89 million and £0.64 million respectively. The audited net asset value of GOP as at 31 December 2015 was £1.10 million. Pursuant to the terms of the SPA, the Vendors have given warranties and indemnities in favour of the Company.

 

Joe Grimmond, Chairman of the Company, commented: "The acquisition of GOP is a significant milestone for Coral as it expands further the group's market coverage and product range. The board anticipates that the Acquisition will be earnings enhancing in its first year and that Coral's progressive dividend policy may continue without the group's gearing exceeding 35%."

 

Application has been made to the London Stock Exchange for the Placing Shares and the Consideration Shares (which, in aggregate, comprise 17,000,000 new ordinary shares) to be admitted to trading on AIM. It is expected that admission will become effective and that dealings in 16,500,000 new ordinary shares (comprising the Consideration Shares and 13,250,000 of the Placing Shares) will commence at 8.00 a.m. on 26 February 2016. The balance of 500,000 Placing Shares will be admitted to trading on 3 March 2016.

 

The issued share capital of the Company upon admission of all of the Placing Shares and the Consideration Shares will be 82,614,865 ordinary shares of 1 penny each. The above figure of 82,614,865 should be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company, under the Disclosure and Transparency Rules.

 

Following completion of the Acquisition and the Placing, Miton Group plc, which is an existing substantial shareholder in the Company and an investor in the Placing, will have a beneficial interest in 16,515,555 ordinary shares in the Company, representing 19.99 per cent. of the Company's enlarged share capital.

 

 

For more information on Coral and GOP, please visit the following websites:

www.coralproducts.com

www.one-pak.co.uk

 

 

Enquiries

 

Coral Products plc

Joe Grimmond, Executive Chairman

 

Tel: 07703 518 148

 

Nominated Adviser

Cairn Financial Advisers LLP

Avi Robinson / Tony Rawlinson

 

 

Tel: 020 7148 7900

Broker

Daniel Stewart & Company Limited

David Lawman / David Coffman

 

 

Tel: 020 7776 6550

 

Capital Markets Consultants Limited

Richard Pearson

Tel: 07515 587184

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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