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31 May - £11.9m acquisition of Jex and Vendor Placing of 5,454,546 Ordinary Shares
Redhall Group plc, Jordan Manufacturing's parent company, announced today the acquisition of Jex Engineering Company Limited (“Jex”) for £11.9 million.
The consideration for the acquisition is to be settled by a vendor share placing of 5,454,546 Ordinary Shares at a Placing Price of 220p per share to raise £12m.
Redhall will also utilise new bank facilities to bring the Company’s defined benefit pension scheme up to a fully funded position on an actuarial basis. The deficit determined by the last triennial valuation at 6 April 2006 was £3.25m.
The acquisition is conditional upon admission of the new Ordinary Shares to trading on AiM. Application for Admission has taken place and is expected on 6 June 2007. [More]