Last checked at 29 May 2013 10:54
For immediate release
29 May 2013
Sarantel Group plc
("Sarantel" or the "Company")
Corporate update
On 21 May 2013 the Board of Sarantel ("Board") announced that it was pursuing a sale of the operating business ("Disposal") with the intention of concluding a transaction as soon as possible as the Group's current working capital will be exhausted during the first half of June 2013, and in the event that a Disposal does not proceed, the Directors would need to consider placing the Company into administration and/or seeking a suspension in the Company's shares until such time as the Company's financial position could be clarified.
The Board has been informed by the prospective purchaser that it is unable to proceed with the acquisition of the operating business comprising its wholly-owned subsidiary Sarantel Limited and its subsidiaries. While the Board is continuing to pursue a sale of the operating business, the Board believes that there is a low likelihood of being able to conclude such a sale in the time available.
A further announcement will be made as soon as possible.
Enquiries:
Sarantel Group PLC | 01933 670 560 |
David Wither, Chief Executive Officer Nicola Malyon, Chief Financial Officer | |
Beaumont Cornish (Nominated Adviser) | 020 7628 3396 |
Roland Cornish / Michael Cornish / Emily Staples | |
XCAP Securities PLC (Corporate Broker) | 020 7101 7070 |
David Lawman / Jon Belliss | |
About Sarantel
Sarantel is a leader in the design of high-performance miniature antennas for portable wireless applications. Sarantel's ceramic filtering antennas offer dramatically improved performance over existing antenna designs, resulting in a clearer signal, better range and a 90 per cent reduction in the amount of signal radiation absorbed by the body. Because of their smaller size and higher capabilities, Sarantel's antennas enable manufacturers to create innovative wireless products for the GPS, WiMax, Satellite Radio and Satellite phone markets. www.sarantel.com
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