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Roadside Real Estate plc
("Roadside" or the "Company")
Partial sale of Cambridge Sleep Sciences shareholding for £6.0m
Roadside (AIM: ROAD) is pleased to announce that it has exchanged an unconditional share purchase agreement to sell 952 shares in its subsidiary, Cambridge Sleep Sciences, ("CSS") for £6,302.53 per share to CGV Ventures 1 Ltd., (the "Transaction"). The total consideration of £6.0 million implies a significant upside to the Company's retained shareholding in CSS. The consideration would be wholly paid in cash by not later than 25 April 2024, at which point the Transaction will complete and the shares will be transferred to CGV.
CGV Ventures 1 Ltd. is a US-based Venture Capital fund which specialises in taking minority positions in innovative healthcare companies.
Upon completion of the Transaction, Roadside's shareholding in CSS would reduce from 75.0% to 65.0%. Roadside originally invested £2.7 million in CSS in March 2020, in the form of a loan note, which would remain outstanding following completion of the Transaction. Since Roadside continues to own more than 50% of the equity in CSS, CSS would continue to be consolidated into Roadside's accounts.
In the year ended 2 July 2022, CSS achieved revenue of c.£0.20 million, a loss before tax of c.£0.85 million after allocation of central costs and CSS's gross assets were held at a total carrying value of c.£0.75 million, (net of intercompany positions).
Roadside intends to use the proceeds from the Transaction to reduce the Company's debt, following its refinancing announcement on 19 December 2023 as well as for general working capital.
On 11 September 2023, the Company announced that it was evaluating the best corporate setting to maximise shareholder value from its investment in CSS. The Board continues to explore the potential for a trade sale and de-merger, but there can be no certainty that any transaction will ultimately be made nor on its value.
Charles Dickson, Executive Chairman, said:
"Whilst the Company is now focused on roadside real estate, we are delighted with the progress that CSS and its management team have made. We welcome CGV as a shareholder in CSS and remain focused on finding the right corporate setting for CSS to reach its full potential."
Er, yes, it was a good presentation - but then they did just read it all from the Updated Corporate Presentation.
Let's face it, the last placing was a bit high. Maybe 8p or even a sensible 6p would have been a better price.
It was opened at the wrong price. I was going to buy at 32.5p but from the bell it was 36.4p to buy so I didn't bother. It looks like no one else bothered either - or just a few took small punts. If it had opened at 32.5p there would have been a flurry of buying and it would probably be up around the 40p mark by now.
32.5% up at $1.15 - that's 45p equivalent - with 30 minutes to go to close.
I am getting the price from my IG account which includes US stocks. Ii is also available on Yahoo Finance under the ticker RNLX - link below.
https://uk.finance.yahoo.com/quote/RNLX?.tsrc=fin-srch
25% up currently
US up over 20% now at 7pm GMT. Over 40p equivalent if it continues to closing.
This board is full of dodgy LTH's who would do absolutely anything to get the share price to rise. No tactic is dirty enough or sad enough in my opinion. But then without all the constant ramping, the share price would have been sub 2p a long time ago. Then it would rise when there is good news and not on all this turgid posting with these ridiculous headings.
There will always be reasons for a pro and always for a con. Why can't you just let my opinion stand without insulting me? That says something about their way of thinking. Are you clear in your thinking? Is it unusual for a government to knowingly express information or views that it will not follow? Do governments lie? Do governments appease? I think it's not an economic decision but a psychological one. Is the stubbornness lessening? Are economic constraints enough to dissuade stubborn people from their stance? You can see all over the world that people continue to do stupid things against their better judgment. So where is the change in the leadership of Bangladesh? Individual statements? Read everything once without any fixed ideas. You see that in every article there is a...coal is not good, renewable energy, gas subsidies.... Where do you see the government's clear commitment to building this coal mine? Where do you see the clear statements from the government, we are considering Phulbari.... We are changing our opinion... and there have already been many opportunities to sell the change in one's opinion from being against Phulbari to being for Phulbari to the people. Wouldn't you immediately sell the hijacking of the ship to the people as a reason why they now need coal from Phulbari? In the national interest? Do you think the government is so stupid that it wouldn't take advantage of the opportunity...if they see Phulbari as the only alternative?