Re Joint Venture
January 17 2006 - 10:39AM
UK Regulatory
17 January 2006
ADL plc ("the Company")
Healthcare Joint Venture
ADL, the AIM listed long term healthcare provider, announces that from 1
January 2006 it has entered into a joint venture with Newford Limited
("Newford"), to operate Newford Nursing Home, Milton, Stoke on Trent,
Staffordshire. Newford Nursing Home comprises a 40 bed single storey care home
with all beds in single rooms with en suite toilets.
The Company has entered into a Shareholders' Agreement and subscribed for one
"B" share in Newford. This Agreement provides for the first �120,000 of profits
per annum to be paid as dividends to the existing shareholder of Newford, with
the next �120,000 of profits per annum to be paid as dividends to ADL. Any
surplus profits per annum are divided equally between the existing shareholder
of Newford and ADL. Jeremy Davies, ADL's Managing Director, has become a
director of Newford. The Agreement lasts for an initial period of five years.
As a result of this transaction, ADL now owns and operates nine care homes,
with 311 operational beds, and manages a further two care homes, with 63
operational beds, on a partnership or joint venture basis.
Enquiries:
Richard Ellert, Commercial Director
ADL plc 0113 239 2957
END
Adl (LSE:AD.)
Historical Stock Chart
From Jun 2024 to Jul 2024
Adl (LSE:AD.)
Historical Stock Chart
From Jul 2023 to Jul 2024