Hampson Industries PLC Receivership sale (3723R)
November 16 2012 - 11:00AM
UK Regulatory
TIDMHAMP
RNS Number : 3723R
Hampson Industries PLC
16 November 2012
16 November 2012
Hampson Industries PLC
Receivership sale of the entire issued share capital of BHW
(Components) Limited held by Hampson Aerospace Services Limited
Hampson Industries PLC (the "Company" and, together with its
subsidiaries, the "Group") announces that fixed charge receivers
have been appointed over the shares held by Hampson Aerospace
Services Limited in BHW (Components) Limited ("BHW"). Pursuant to
an agreement dated 16 November 2012, the receivers have effected
the sale of the entire issued share capital of BHW to LNB UK
Limited for a consideration of GBP2,365,000 in cash, GBP2,215,000
of which has been paid, and GBP150,000 of which is to be paid
within 30 days of completion. The consideration is payable by the
purchaser to the receivers, on behalf of Hampson Aerospace Services
Limited and will be applied (after the deduction of the costs of
sale) in repaying part of the outstanding debt owed by the Group to
the lenders under the Group's finance facilities.
BHW provides integrated airframe solutions for aircraft
component manufacture and assembly to OEM and tier-one suppliers to
the aerospace industry (including the manufacture and supply of
engine nacelles, fuselage structures, empennage, aircraft skins and
other aerospace components). As at 31 March 2011, the value of the
gross assets of BHW were GBP15.16 million and BHW recorded a net
loss for the period to 31 March 2011 of GBP3.91 million.
With the support of the Group's lenders, the Board of Directors
(the "Board") of the Company continue to actively pursue the
objective of achieving a sale of the Group's US operations (and of
the Group's interests in India).
The conclusion of the sale of the Group's US and Indian
operations (and the realisation of any remaining assets) are not
expected to result in there being any value remaining for the
Company's shareholders.
Further announcements will be made as appropriate.
Enquiries:
M: Communications
Ann-marie Wilkinson / Maria Souvorov +44(0) 20 7920 2330
This information is provided by RNS
The company news service from the London Stock Exchange
END
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