PKW Parkwood Hldgs.

 

TIDMPKW 
 
RNS Number : 9561A 
Parkwood Holdings PLC 
19 October 2009 
 

 
 
19 October 2009 
Parkwood Holdings plc ('the Company' or 'Parkwood") 
Glendale Grounds Management Limited and TEG Announce End of JV 
 
 
Parkwood's subsidiary, Glendale Grounds Management Limited ("Glendale") and The 
TEG Group Plc ("TEG") on 16 October 2009 reached agreement for Glendale to 
acquire TEG's shares in Verdia Horticulture Limited ("Verdia" or "the JV"), the 
joint venture company launched in 2007 to manufacture horticultural compost 
products. The parties believe that the future of Verdia is best served as a 
wholly owned operation and, as the Verdia plant at Hillbarton, Exeter, is part 
of a larger Glendale facility, the parties considered it more appropriate for 
Glendale to acquire the share capital from TEG. The cash consideration for the 
shares is GBP150,000 and, in addition, working capital loans of GBP200,000 have 
been repaid to TEG. In the year ended 31 December 2008 Verdia recorded a loss 
before tax of GBP51,000, and as at that date Verdia's gross assets amounted to 
GBP1,483,000 and net assets amounted to minus GBP80,800. 
 
 
TEG will continue to support Verdia under the plant supply agreement between the 
parties. 
 
 
Contact: 
 
 
For further information please contact either: 
Tony Hewitt, Executive Chairman, 
Carolyn Smith, Company Secretary,     01772 627111. 
 
 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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