Details12 Sep 2017 16:42
Following the Company's announcement on 8 September 2017, CSF Group announces that the Board of Directors of the Company (the "Board") has now accepted a conditional indicative offer letter ("Offer Letter") in respect of the disposal of one of the Group's operating subsidiaries (the "Potential Disposal"). The Potential Disposal would be subject to the satisfaction of a number of conditions precedent, including certain restructuring activities, financing and the execution of binding definitive agreements.
As indicated in the Company's announcement on 8 September 2017, the proposed consideration in respect of the Potential Disposal under the Offer Letter will be nominal, although the Board believes that the Potential Disposal would significantly improve the Group's financial position due to the potential elimination of certain liabilities and the potential reduction of lease rental payments.
* So details needs on which subsidiary is being disposed - restricting costs - and net improvement to cashflow and balance sheet. Perhaps its the part of the company were apparently all the profits are being hidden! :-) Added...