Got into this one a few days ago. It went up over 800%. Does anybody have any information on this stock? This old press release is all I could find:
(PR NEWSWIRE) Texas American Group Signs An Agreement With Facia Ltd.
LONDON--(BUSINESS WIRE)--May 29, 1996--Texas American Group Inc. (TXAG), the
NASDAQ Bulletin Board quoted company, announces that it has entered into an
agreement with FACIA LTD. (FACIA) the London based retail giant, to acquire
its assets and liabilities.
FACIA is the second largest independent retailer in the United Kingdom, with
850 specialty retail outlets. FACIA owns such trade names as Sock Shop,
Salisburys, Red or Dead, Curtess, Freeman Hardy & Willis, Saxone, Mayfair
Trunks, Torg, Manfield, Trueform and Contessa. FACIA also operates the BATA
Footwear chain in Germany, comprising some 110 retail outlets. The stores
sell everything from travel and leather goods, hosiery, lingerie and jewelry
to shoes, clothing and high fashion. Combined sales of the U.K. operations
were U.S. $250 Million in 1995.
TXAG operates in the hospitality/leisure industry and the retail business
through resort hotels, golf clubs, schools and an upper-echelon catering
company. All of which are in outstanding locations throughout Europe.
The agreement with FACIA involves the creation of a U.S. Holding Company,
FACIA INC., which will own the assets and liabilities of FACIA LTD., which
upon completion will be 100% owned by TXAG. Payment to the FACIA shareholders
will be satisfied by the issuance of TXAG shares in an amount to be determined
following the completion of TXAG's 1995 audit, which will consolidate recent
acquisitions, and by values to be established by the application of U.S.
G.A.A.P. to the FACIA accounts. U.S. G.A.A.P. differs materially from
European accounting standards. TXAG is arranging substantial equity financing
for the immediate cash requirements of FACIA.
The transaction is scheduled to close when TXAG's accountancy and legal team
have assimilated FACIA into TXAG under U.S. accounting and public reporting
guidelines in preparation for a full NASDAQ listing.
Alan E. Humphrey, president of TXAG, states: "Over the last two years FACIA
has made significant acquisitions in the retail sector and now constitutes the
second biggest independent presence on Britain's High Streets. The cost of
entry for TXAG shareholders is believed to be at a significant discount to the
real value of FACIA. The anticipated revenues for 1996, including the recently
acquired 375 Freeman Hardy & Willis, and Saxone shoe stores are expected to be
on the order of U.S. $500 Million."
According to William Grosvenor, CEO of TXAG, "Our current investment banking
efforts will allow us to pursue similar acquisitions worldwide. FACIA's
Chairman, Stephen Hinchliffe's, proven administration capabilities combined
with our profile in the U.S. will provide us with significant institutional
supports. It is our intent to become entirely debt free in due course."
CONTACT: For further information:
Terry Mottram, 011-44-171-583-1253
13:57 ET MAY 29, 1996 |
