Last checked at 8 Aug 2008 15:01
For immediate release
8 August 2008
Carclo plc
("Carclo")
Approval for Xennia sale of Carclo shares and disposal of shares by the Carclo Employee Trust Limited
On 1 October 2007 Carclo announced the acquisition of the minority 25.6% stake in Conductive Inkjet Technology Limited ("CIT") owned by Xennia Technology Limited ("Xennia"), increasing its equity investment in CIT to 100%. The acquisition was partly in the form of 869,565 new Carclo shares which were subject to lock-up arrangements for one year such that any sale of these shares requires Carclo's consent.
Carclo has now consented to the sale of all of these shares and this holding was sold today at 80 pence per share.
In addition, the board has authorised the sale of 500,000 Carclo shares which were held by the Carclo Employee Trust Limited. These shares, which were surplus to the requirements of the trust, were also sold today at 80 pence per share generating funds of £400,000, before costs, and which will be used to reduce group debt.
Ends
Weber Shandwick Financial 020 7067 0700
Richard Hews/James White
Notes to Editors
About Carclo (LSE: CAR)
Carclo plc is a global supplier of technical plastic components. It is a public company whose shares are quoted on the London Stock Exchange.
75% of sales are derived from the supply of fine tolerance, injection moulded plastic components, which are used in medical, automotive, telecom and electronics products. This business, Carclo Technical Plastics, operates internationally in a fast growing and dynamic market underpinned by rapid technological development.
25% of sales are derived from the supply of manufactured systems to the automotive and aerospace industries.
Carclo's strategy is to grow rapidly in low cost manufacturing regions and to develop new technologies and products to underpin future growth.