[15.11.2004]
Alphameric Plc (“Alphameric”
or “the Group”) PROPOSED
DISPOSAL OF THE RETAIL BUSINESS
Introduction
The
Board of Alphameric announces that
Alphameric has entered into a conditional
sale and purchase agreement for the
sale of Alphameric’s Retail
Business to Torex for a maximum total
consideration of £30 million,
comprising Initial Consideration of
£15 million and further consideration
of up to £15 million dependent
on the financial performance of the
Retail Business for the 14 months
ending 31 December 2005. The Initial
Consideration will be paid upon the
completion of the Disposal and will
be satisfied by a cash payment of
£10 million and the issue of
Torex Ordinary Shares to the value
of £5 million (being 7,371,370
shares at 63.83p per share). The Deferred
Consideration will be satisfied as
to 50 per cent. cash and 50 per cent.
in Torex Ordinary Shares, or, at Torex’s
discretion, wholly in cash.
In view
of its size, relative to the Group,
the Disposal is conditional upon the
approval of Shareholders and this
will be sought at an Extraordinary
General Meeting to be held on 29 November
2004.
A
circular (“the Circular”)
containing further details on the
Disposal and onvening an EGM will
be sent to Shareholders later today.
|
