Avingtrans PLC Update on Return of funds to Shareholders (7239C)
June 30 2016 - 2:00AM
UK Regulatory
TIDMAVG
RNS Number : 7239C
Avingtrans PLC
30 June 2016
30 June 2016
Avingtrans Plc
("Avingtrans" or the "Company" or the "Group")
Update on Return of funds to Shareholders following disposal of
Aerospace Division
Avingtrans (AIM:AVG), a manufacturer of critical components and
associated services to the global energy and medical sectors, is
pleased to provide an update to shareholders on the proposals for
the return of capital to shareholders following the disposal of the
Aerospace Division.
As the Company announced on 27 May 2016, following the disposal
of the Aerospace Division, the Company had net cash in excess of
GBP47 million. The Board is now pleased to announce that it intends
to return almost GBP28 million to shareholders by way of a Tender
Offer ("the Offer"), representing 100p for each ordinary share in
issue. The Company currently has 27,754,564 ordinary shares in
issue.
The Board expects to announce its final results for the year
ended 31 May 2016 during September 2016 and at the same time post a
circular to shareholders setting out further terms of the Offer,
and also seeking the necessary shareholder approvals.
The balance of the net proceeds will be used to pursue the
Groups new strategy to invest in the Energy and Medical markets
served by its Metalcraft and Maloney Metalcraft businesses, and
more specifically to strengthen Metalcraft's position in the
nuclear sector and to pursue other related opportunities in the
engineering sector.
Steve McQuillan, Chief Executive Officer of Avingtrans plc,
commented "I am pleased to be able to provide more detail on the
return of substantial value to shareholders while also reiterating
our intention to make additional investment and acquisitions in the
Energy and Medical businesses. The Board believes there are several
exciting prospects which have the potential to deliver significant
further value for shareholders."
Enquiries:
Avingtrans plc Tel: 01159
Steve McQuillan, Chief Executive 499 020
Officer
Stephen King, Chief Financial Officer
Numis Tel: 0207
Richard Thomas (Corporate Finance 260 1000
and Nominated Adviser)
Tom Ballard (Corporate Broking)
Newgate (Financial PR) Tel: 020
Adam Lloyd 7653 9850
Ed Treadwell
About Avingtrans
Avingtrans plc is engaged in the provision of highly engineered
components, systems and services to the energy, medical and traffic
management industries worldwide.
Energy and medical, engaged in the design and manufacture of
safety critical equipment for the energy, medical, science and
research communities, including oil and gas extraction and
processing equipment, nuclear process plant, machined and
fabricated pressure and vacuum vessels and components. Also, design
and manufacture of fabricated poles and cabinets for roadside
safety cameras and rail track signalling.
The strategy of the group, is to "buy and build" in regulated
engineering niche markets, where we can see potential consolidation
opportunities, which can lead to significantly increased
shareholder value over the medium to long term
This information is provided by RNS
The company news service from the London Stock Exchange
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