Last checked at 12 Oct 2010 10:21
For Release
12 October 2010
Acal plc
("Acal")
Acal announces the disposal of its ATM Parts business
Acal plc (LSE: ACL), a specialist provider of technology products and services across Europe and South Africa, today announces that it has completed the sale of its subsidiary, ATM Parts Company Limited ("ATM Parts"), to Cennox plc, a UK based ATM services and technology company, for a consideration of £0.7 million on a debt free, cash free basis.
ATM Parts, which is a leading purveyor of ATM parts, parts support solutions and associated technology is a non core business within Acal Supply Chain division. The disposal will allow Acal Supply Chain to focus on its core business of supplying IT spares and outsource solutions for technology service companies.
Following completion, there will be a small one off adjusting settlement for the movement in net assets since 31 March 2010. At that date, ATM Parts had gross assets of £1.5 million (excluding cash and inter-company debtors). For the six months ended 30 September 2010, ATM Parts incurred unaudited pre tax losses of £0.2 million on revenues of £1.8 million (pre tax losses of £0.5 million on revenues of £3.3 million for the year ended 31 March 2010).
The sale proceeds will add to Acal's existing cash resources.
Nick Jefferies, Group Chief Executive said: "This is another important step for Acal as we continue to streamline the Group and focus our operational activities on our core businesses, whilst also increasing our cash resources."
For further information, please contact:
Acal plc
Nick Jefferies ~ Group Chief Executive 01483 544500
Simon Gibbins ~ Group Finance Director
Cubitt Consulting
Chris Lane / Sam Boston 020 7367 5100
Notes to Editors:
About Acal plc
The Acal Group is a leading technology-based specialist distributor in Europe providing sales, marketing and other services through three divisions: Electronics, Supply Chain and Medical. The Electronics Division distributes electronic and photonic products to industrial manufacturing and design companies. The Supply Chain Division supplies new and refurbished IT, EPOS and ATM spare parts to service providers while the Medical Division supplies advanced medical equipment to public and private healthcare providers. Acal has operating companies in the UK, Netherlands, Belgium, Germany, France, Italy, South Africa, Spain and the Nordic region.
About Cennox plc
Cennox, a subsidiary of Mainet Limited, are a UK based ATM services and technology business. The ATM division supplies a range of sector specific services to banks and ATM service business including parts supply, project and field services, and signage. The technology division have developed a range of products that enable businesses to communicate with customers and employees through state of the art mobile technologies. Through its B2B text based solutions division, Cennox is able to provide SMS disruption support services to airlines, transport companies, local government and schools. Cennox also provide wireless communications business continuity for office locations in the event of fixed line communication failure.