ADT ANNOUNCES SALE OF QUOTEPLAN PLC
ADT ANNOUNCES SALE OF QUOTEPLAN PLC NEW YORK, March 2 /PRNewswire/ -- It has been announced today that
Bowater PLC has agreed to acquire all the share capital of Quoteplan PLC. ADT Limited (NYSE: ADT) owns Quoteplan Loan Notes with an aggregate value of 102 million pounds sterling, and is interested in 49 percent of the share capital of Quoteplan. ADT will receive a total consideration of 117 million pounds (US$206 million) for the loan notes and its minority interest. This consideration will consist of 58 million pounds cash payable at completion which is expected to take place on March 26, 1992; a further 9 million pounds cash to be paid over the next three years and 50 million pounds interest bearing transferable loan notes from Bowater.
Michael A. Ashcroft, chairman and chief executive officer of ADT, said, "This transaction concludes a satisfactory outcome to our involvement with Quoteplan. It also represents a further significant step in our targeted debt reduction program." -0- 3/2/92 /CONTACT: Broadgate Consultants, 212-229-2222, for ADT/ (ADT) CO: ADT Limited ST: IN: SU: TNM SM-SH -- NY018 -- 3824 03/02/92 10:01 EST
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|Date:||Mar 2, 1992|
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