Total purchase consideration of about S$5.5 million is not materially different from the one announced in April 2020
BEST World International has raised its stake in British beauty company Pedal Pulses to 59.9 per cent from 50 per cent.
In a bourse announcement on Tuesday (Jul 23), the company announced that it has entered into a sales and purchase agreement with Pedal Pulses’ shareholder Ian Richardson, for 116 shares at £0.01 each. The total purchase consideration of about S$5.5 million is subject to the terms and conditions of the agreement, which is not materially different from the one announced in April 2020.
Best World had entered a deed of variation to amend the original put and call option agreement with Pedal Pulses, Richardson and Margaret Dabbs. The original put and call option in the April 2020 announcement would allow Richardson and Dabbs to sell any amount of their remaining shares.
The option price would be computed based on 13.7 times of the target group’s earnings before interest, tax, depreciation and amortisation, plus net cash, then divided by the total number of shares in issue at the date of the exercise of the put and call option.
Pedal Pulses comprises Margaret Dabbs London – which provides beauty product for feet, legs and hands – and a portfolio of Margaret Dabbs London Clinics in the UK and internationally, which provide podiatry and beauty services.
