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26 Apr 2013 07:00
26 April 2013
SCAPA GROUP PLC
DISPOSAL
Scapa Group plc, a global supplier of bonding systems and solutions ("Scapa") announces the disposal of Scapa Holdings Georgia Inc and its subsidiary undertaking ("Georgia") to Industrial Legacy Holdings, Inc for a total consideration of USD $250,000 payable in cash at completion. Industrial Legacy Holdings, Inc is part of the insurance and reinsurance specialist Armour Group.
Georgia's business and assets were sold in 1999 and since that date, Georgia has not carried on any trade but has continued to commit considerable management time in the overseeing of its legacy liability litigation defence in the United States, incurring significant legal costs and administrative burden associated with the litigation.
At the date of the disposal, Georgia's net assets were USD $2.79M, including USD $8.25M of cash. The proceeds from the disposal will be used for working capital.
Enquiries:
Scapa Group plc Heejae Chae - Chief Executive Paul Edwards - Finance Director
| 0161 301 7430
|
Numis Securities Limited (Nominated Adviser and Joint Broker) Mark Lander / Richard Thomas
| 020 7260 1000 |
N+1 Singer (Joint Broker) Nick Owen
| 0191 279 7412
|
Weber Shandwick Nick Oborne
| 020 7067 0700 |
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