1 Mar 2022 08:08
1 March 2022
Northbridge Industrial Services Plc
("Northbridge" or the "Company")
Completion of Disposal
Further to its announcement on 18 February 2022, Northbridge, the industrial services and rental company, is pleased to announce that the sale of its Tasman operations in Australia and New Zealand has completed and the initial payment of A$6.0m (£3.16m) has been received, with the balance of the A$7.85m (£4.13m) total consideration to be paid in three additional instalments, with the final instalment due in 12 months. The purchase agreement contains a mechanism to adjust the total consideration according to the actual net debt and working capital at Completion, but this is not expected to be material and will not affect the loss on disposal.
Following the completion of this transaction, the only remaining asset of the Tasman division is the operation in the Middle East and the disposal of this business will now be progressed.
Capital Markets Event
As also announced on 18 February 2022, Northbridge will host a virtual capital markets event on 10 March 2022 where it will make a presentation in which management will outline the strategic direction and exciting future prospects of the Group, followed by an interactive Q&A session.
Please contact Buchanan if you wish to attend the event at georgec@buchanan.uk.com.
-Ends-
For further information
Northbridge Industrial Services Plc 01283 531645
Peter Harris, Executive Chairman
Iwan Phillips, Finance Director
Shore Capital (Nominated Adviser and Broker) 020 7408 4050
Robert Finlay / David Coaten / Henry Willcocks
Buchanan Communications 020 7466 5000
Charles Ryland / Stephanie Whitmore
About Northbridge:
Northbridge Industrial Services plc hires and sells specialist industrial equipment. With offices or agents in the UK, USA, The Middle East, Belgium, Germany, France, Singapore, China and South Korea, Northbridge has a global customer base. This includes utility companies, renewables, the oil and gas sector, data centres, shipping, banking, mining, construction and the public sector. The product range includes loadbanks, transformers, and drilling tools. Northbridge was admitted to AIM in 2006 since when it has grown by providing a high level of service, responsiveness and flexibility to customers.