ACER Acertec

 

TIDMACER 
 
RNS Number : 8352S 
Acertec PLC 
26 May 2009 
 

26 May 2009 
 
 
Acertec plc 
("Acertec" or the "Group") 
 
 
Proposed delisting from AiM 
 
 
On 19 February 2009, Acertec announced that due to decreasing automotive volumes 
at key automotive OEM customers, the Group was incurring significant losses in 
its UK Stadco automotive operations despite important actions taken to reduce 
costs.  In that announcement, Acertec highlighted that the outlook for the 
automotive industry for the remainder of 2009 continued to be uncertain and the 
Board would take further action as required. 
 
 
Since this announcement, uncertainty within the automotive industry has 
persisted and the Group has continued to incur operating losses.  The Board is 
in the final stages of completing a restructuring of its UK automotive 
operations which will reduce Stadco's UK headcount by approximately 40%.  The 
Board has undertaken a number of additional cost saving initiatives including 
implementing a 4% pay cut for all Acertec and Stadco salaried staff, including 
directors. 
 
 
Net debt reduced to GBP48 million at 30 April 2009 from GBP63.8 million at 30 
June 2008, following the completion of previously announced disposals.  At 
30 June 2008, Acertec had total retirement benefit obligations under the Group's 
two defined benefit pension schemes of GBP23.9 million on an IAS 19 basis. The 
Board remains focussed on taking mitigating actions to reduce Group liabilities. 
 
 
As previously disclosed, the Group continues to be engaged in discussions with 
its secured lenders in relation to an extension to the term and quantum of its 
revolving credit facilities. 
 
 
In view of the Group's extensive liabilities and in order to save additional 
costs, the Acertec Board, in conjunction with a number of other initiatives, is 
proposing to cancel the trading of its shares on AIM.  In accordance with the 
AIM Rules, a circular will be sent to Acertec shareholders explaining the 
rationale behind the proposed cancellation, the reasons for and background to 
the proposal and convening a general meeting for the purpose of approving the 
cancellation.Subject to shareholder approval of the delisting, it is also 
intended that Acertec re-register as a private company. 
 
 
 
 
Enquiries: 
+-----------+---------------+ 
| Acertec   |  01743 445541 | 
| plc       |               | 
+-----------+---------------+ 
| Greg      |               | 
| MacLeod,  |               | 
| Executive |               | 
| Director  |               | 
| Steve     |               | 
| Kynaston, |               | 
| Finance   |               | 
| Director  |               | 
+-----------+---------------+ 
|           |               | 
+-----------+---------------+ 
| Hawkpoint | 020 7665 4500 | 
| Partners  |               | 
| Limited   |               | 
+-----------+---------------+ 
| David     |               | 
| Renton    |               | 
+-----------+---------------+ 
|           |               | 
+-----------+---------------+ 
| Weber     | 020 7067 0700 | 
| Shandwick |               | 
| Financial |               | 
+-----------+---------------+ 
| Nick      |               | 
| Oborne    |               | 
| /         |               | 
| Clare     |               | 
| Perks     |               | 
+-----------+---------------+ 
 
 
 
 
 
 
Notes to Editors: 
Acertec is comprised of two divisions, Stadco and Acertec Construction Products 
(formerly BRC).  Stadco is a leading supplier of body-in-white pressings and 
sub-assemblies to automotive OEM's in the UK and Germany.  Acertec Construction 
Products supplies high performance engineered solutions for mining, civil 
engineering, building and security industries. 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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