Chamberlin PLC Sale of Exidor Limited (0425L)
December 20 2018 - 2:00AM
UK Regulatory
TIDMCMH
RNS Number : 0425L
Chamberlin PLC
20 December 2018
AIM: CMH
Chamberlin plc
("Chamberlin" or the "Group" or the "Company")
Sale of Exidor Limited for total cash consideration of GBP10
million
Chamberlin plc (AIM: CMH) announces that it has completed the
sale of Exidor Limited ("Exidor") to ASSA ABLOY Limited ("ASSA
ABLOY"), for a total enterprise value of GBP10m with the
consideration to be paid in cash.
The proceeds of the disposal will be used to reduce Group
indebtedness, to provide additional working capital and to reduce
certain of the Company's existing pension liabilities.
The cash consideration represents approximately 180% of
Chamberlin's market capitalisation based on the Group's closing
mid-market share price of 70 pence per ordinary share as at 18
December 2018.
Exidor employs approximately 70 staff from its premises in
Cannock, all of whom will be retained under the ownership of ASSA
ABLOY. Turnover in the year to 31 March 2018 was GBP7.52m and
operating profit was approximately GBP651,000. Total net assets as
at 31 March 2018 were approximately GBP2.01m.
Chairman, Keith Butler-Wheelhouse, commenting on the transaction
said:
"This transaction will enable Chamberlin plc to restructure its
balance sheet and will provide additional working capital. We can
look forward to the further development of our core operations with
greater certainty and with considerable optimism.
"We believe that ASSA ABLOY, who are well positioned to support
the ongoing growth and development of the business, represents the
ideal owner for Exidor."
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014.
Enquiries:
Chamberlin plc (www.chamberlin.co.uk) T: 01922 707100
Kevin Nolan, Chief Executive
Neil Davies, Finance Director
Cenkos Securities plc
(Nominated Adviser and Broker) T: 020 7397 8900
Russell Cook/Katy Birkin
KTZ Communications T: 020 3178 6378
(Financial PR)
Katie Tzouliadis/Emma Pearson/Dan Mahoney
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END
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