Business
Acquisition, Trading Update and Notice of Results
Acquisition, Trading Update and Notice of Results.
About this update from Michelmersh Brick Holdings Plc
[{"type":"text","content":"\n \nRNS Number : 2856E Michelmersh Brick Holdings PLC 05 April 2011 \n \n\n5 April 2011\n \nMichelmersh Brick Holdings PLC\n(\"Michelmersh\" or the \"Company\") \n \nAcquisition \nTrading Update\nNotice of Results\n \nMichelmersh (AIM:MBH) announces that it has acquired a 25 per cent. shareholding in Jeffery Building Products Limited (\"Jeffery\"), a brick distribution business covering the North of England. The consideration payable is £50,000 to be satisfied by the issue of 125,000 ordinary shares of 20 pence each in Michelmersh at a price of 40 pence per share (\"Consideration Shares\"). \n \nThe acquisition of this stake in Jeffery represents a strategic partnership in a geographical area where Michelmersh has, to date, had limited representation and presents an opportunity to expand sales and establish a presence in a potentially lucrative market.\n \nApplication has been made to the London Stock Exchange for the Consideration Shares to be admitted to trading on AIM (\"Admission\"). It is expected that Admission and dealings will commence on 6 April 2011. The Consideration Shares shall be subject to standard lock in provisions from completion, which shall include a prohibition on the sale of Consideration Shares for a period of 36 months from completion followed by a further period of 24 months during which any sale, transfer or other disposal of the Consideration Shares may only be effected through Michelmersh's Nominated Adviser and Broker on a best price and execution basis.\n \nFollowing Admission, the Company's issued share capital will consist of 58,227,154 ordinary shares of 20p each with voting rights. No ordinary shares are held in treasury. Therefore the total number of voting rights in Michelmersh will be 58,227,154. The above figure may 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, Michelmersh under the FSA's Disclosure and Transparency Rules.\n \nTrading Update\n \nMichelmersh is pleased to report that orders, sales and production of brick products in the first quarter of 2011 were ahead of budget and the Board is encouraged for the prospects for 2011.\n \nNotice of Results\n \nMichelmersh intends to release the prelimina...