Listen to our latest Investing Matters Podcast episode 'Uncovering opportunities with investment trusts' with The AIC's Richard Stone here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
..impressing the market: RNS Number : 8248U Dechra Pharmaceuticals PLC 22 October 2010 Issued by Citigate Dewe Rogerson, Birmingham Date: Friday, 22 October 2010 Dechra® enhances its US business through acquisition Dechra Pharmaceuticals PLC ("Dechra" or "the Group") is pleased to announce the acquisition of DermaPet Inc. ("DermaPet"). The maximum cash consideration for the acquisition is US$64 million; · US$42 million has been paid on completion; · Payments of US$1 million are due on the second and fourth anniversaries of the completion date; · US$15 million will become payable between the second and sixth anniversaries of completion if DermaPet achieves revenues in excess of US$15 million in any rolling 12-month period following the first anniversary of completion; · If revenues on the same criteria exceed US$20 million, a further US$5 million will become due. DermaPet, a Florida based business was established in 1991 by a leading veterinary dermatology referral specialist, Dr Steve Melman. DermaPet develops and markets a range of dermatological preparations, including shampoos, conditioners and ear products, for the US and overseas companion animal markets. These veterinary products are marketed and distributed through the same channels as Dechra's current US product portfolio. Dermatological problems are the most frequently diagnosed and treated conditions in companion animals by veterinarians. The range of innovative products, which have five granted patents and one pending, increases Dechra's US presence and complements its EU range in this key strategic therapeutic category. For the six months ended 30 June 2010, DermaPet's revenue was US$6.9 million and pre-tax income was US$3.0 million. Gross assets at 30 June 2010 were US$2.8 million. In the last full financial year ended 31 December 2009, DermaPet achieved revenue of US$10.7 million and pre-tax income of US$4.0 million. Gross assets at 31 December 2009 were US$2.4 million. Ian Page, Chief Executive of Dechra, commented: "This acquisition is expected to be materially earnings enhancing in its first full year of ownership. It also further strengthens our position as a leader in the worldwide veterinary dermatological market whilst significantly increasing our presence and scale of operation in the United States. The DermaPet brand and the high quality natural product line is a perfect fit with our existing dermatological range and accelerates Dechra's strategic objective of becoming a leading supplier of specialist veterinary exclusive products in this key market." The Group has also agreed a new £78 million four-year bank facility which will replace the Group's existing borrowing facilities and finance this acquisition. An analysts presentation will be held today (22 October) at 8.