Science Group increases buyback limits after selling Ricardo stake

(Alliance News) - Science Group PLC on Thursday said it has sold its entire stake in West Sussex, England-based environmental and engineering consultancy Ricardo PLC for GBP58.0 million after broker fees.

The Cambridge, England-based science and technology consultancy said the net return on its investment in Ricardo is around GBP23.7 million.

It said tax will be payable on the chargeable gain at the UK corporation tax rate of 25%, though it noted that it could be able to utilise some legacy tax losses.

As a result of the return from the investment, Science Group said it has increased the limits on its buy-back authorisation, which is being managed by Panmure Liberum Ltd.

Science Group expects to release its interim results around the end of July.

Shares in Science Group closed up 0.8% at 514.00 pence in London on Thursday, giving the company a total market capitalisation of GBP228.8 million. Ricardo shares closed 0.5% higher at 434.04 pence for a market capitalisation of GBP270.1 million.

By Michael Hennessey, Alliance News reporter

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