12 Aug 2015 07:00
PURE WAFER PLC
(AIM: PUR)
Disposal of Swansea Premises and Trading Update
12 August 2015
The Board of Pure Wafer plc ("Pure Wafer" or "the Company"), one of the leading global providers of high quality silicon wafer reclaim services to many of the world's largest semiconductor manufacturers and foundries as an integral part of their cost control programmes, is pleased to provide the following update in advance of the announcement of the Company's preliminary results for the year ended 30 June 2015, which are expected to be released during the week commencing 5 October 2015.
We announced on 3 July 2015 that one of the most significant issues to be resolved with respect to the closure of the Swansea facility was the safe disposal of the fire damaged building and the resolution of the 99 year lease of land which does not expire until 2099. The Board is pleased to confirm the disposal of the fire damaged property at Millbrook Drive, Swansea and the assignment of the 99 year lease to Breathless LLP. As well as being an excellent outcome for the Company, this transfer will enable the site to be redeveloped and new long term employment created in the area.
The Board is also able to confirm that all outstanding obligations under Government grant funding have been settled. All redundancy liabilities have also been agreed and substantially settled following the expiry of the statutory consultation period.
Following the resolution of the long term lease and based upon current information, the directors estimate the return of surplus funds resulting from the Swansea insurance settlement announced on 1 May 2015 to be in the region of 140p - 145p per share.
The Board would like to emphasise that the Company's facility in Prescott, Arizona, continues to operate successfully and those operations are unaffected by the closure of the Swansea facility. We are pleased to report that Prescott's underlying profits for the year are in line with management expectations, and with the facility currently running at record levels of productivity and high utilisation this provides confidence in the strength and profitability of this business going forward.
Registered Office
The Company's registered office address has been changed to 16A Axis Court, Mallard Way, Riverside Business Park, Swansea Vale, SA7 0AJ.
Contacts: | |
Pure Wafer Plc | www.purewafer.com |
Richard Howells, Chief Executive Officer Huw Lewis, Chief Financial Officer | +44 (0) 1792 311 200 |
WH Ireland Limited | www.wh-ireland.co.uk |
JN Wakefield | +44 (0) 117 945 3470 |
Walbrook PR Limited | www.walbrookpr.com |
Paul Vann / Tom Cooper | 0117 985 8989 |
07768 807 631 | |
paul.vann@walbrookpr.com |