Business
Payment of Earnout Consideration
Payment of Earnout Consideration.
About this update from Coral Products Plc
[{"type":"text","content":"\n \nRNS Number : 6348Z Coral Products PLC 19 March 2012 \n \n\n19 March 2012\nCORAL PRODUCTS PLC\n(\"Coral\" or the \"Company\")\n \nPayment of Earnout Consideration\n \n \nCoral is pleased to announce that it has now paid the earnout consideration in relation to the acquisition of Interpack Limited (\"Interpack\"). \n \nIn accordance with the terms of the acquisition, as detailed in the AIM admission document sent to shareholders on 19 August 2011, the earnout consideration was based on the net profit before tax achieved by Interpack in the accounts for Interpack for the year ended 31 December 2011 (''2011 Profit''). Specifically, in the event that 2011 Profit was £0.8 million, the earnout consideration would be £0.9 million and would be increased at a rate of £6.50 for every £1 by which the 2011 Profit exceeded £0.8 million (subject to a maximum increase of £195,000).\n \nThe 2011 Profit exceeded £0.83 million and hence the total earnout consideration due was the maximum £1.095 million. \n \nManagement accounts for the period since the acquisition of Interpack show that Interpack has remained profitable in the period and is expected to make a significant contribution to the Company's results for the year ended 30 April 2012.\n \nChairman Joe Grimmond commented: \"We are delighted with the acquisition of Interpack which has delivered revenue and profit contribution in line with expectations and opened up significant new opportunities to Coral in the food container manufacturing sector. Further benefits of the acquisition and its successful integration are expected to be realised in the next financial year.\"\n \n \n \nEnquiries\n \n\n\n\n\nCoral Products plc\nJoe Grimmond, Non-Executive Chairman\nWarren Ferster, Chief Executive & Managing Director\n \n\n\n \nTel: 07703 518 148\nTel: 01942 272 882\n\n\n\n\nNominated Adviser\nCairn Financial Advisers LLP\nAvi Robinson / Tony Rawlinson\n \n\n\n \nTel: 020 7148 7900\n\n\n\n\nBroker\nXCAP Securities plc\nDavid Lawman / Adrian Kirk\n \n\n\n \nTel: 020 7101 7070\n \n\n\n\n\nBankside Consultants\nRichard Pearson\n\n\nTel: 020 7367 8888\n\n\n\n\n \n\nThis information is provided by RNSThe company news service from the London Stock Exchange END MSCJLMATMBJBBPT\n ","l...