Disposal (5131Y)
23 12월 2010 - 7:03PM
UK Regulatory
TIDMASTO
RNS Number : 5131Y
AssetCo PLC
23 December 2010
23 December 2010
AssetCo plc ("AssetCo" or the "Company")
Sale of Subsidiary undertakings
AssetCo plc, the International Fire and Rescue Services
business, is pleased to announce the successful conclusion of its
asset realisation programme.
On 23 December 2010, Supply 999 Limited, Todd Research Limited
and AS Fire & Rescue Equipment Limited were sold for GBP5.25m
to Spring Ventures Limited for GBP4,25 cash and GBP1m cash deferred
until 31 March 2011 based on turnover and profitability levels.
The three businesses had a profit before tax of GBP0.3m for the
six months ended 30 September 2010 and were included in the Group
balance sheet with a net book value of GBP4.25m, creating an
approximate profit of GBP1m if the deferred consideration is
received.
The sale proceeds will be used to restructure the Company
balance sheet.
Together with the sale of Treka Bus Limited on 29 October 2010
being sold for GBP1.0m, this brings to a successful conclusion the
Company's asset realisation programme.
John Shannon, Chief Executive Officer commented:
"We are delighted to have concluded the disposal of our
manufacturing businesses in line with our stated strategy of
concentrating on the development of AssetCo Fire and Rescue as a
focussed high value services business."
For further information, please contact:
AssetCo plc +44 (0) 20 8515 3999
John Shannon, Chief Executive Officer
Scott Brown, Chief Financial Officer
Arden Partners plc +44 (0) 20 7614 5917
Richard Day
Adrian Trimmings
Cadogan PR +44 (0) 7771713608
Alex Walters
Emma Wigan
This information is provided by RNS
The company news service from the London Stock Exchange
END
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