23 Jul 2018 07:00
LEI number: 2138004EUUU11OVHZW75
23 July 2018 This announcement contains inside information
Wilmcote Holdings PLC
Year End Trading Update
Wilmcote Holdings plc ("Wilmcote" or the "Company") provides the following update for the period ended 30 June 2018 pending publication of the Company's audited results.
Wilmcote was established with the objective of creating value for its investors through the acquisition and subsequent development of target businesses in the large and highly fragmented downstream and specialty chemicals sector, and was admitted to trading on the AIM market of the London Stock Exchange on 17 August 2017.
During the period to 30 June 2018 Wilmcote explored a number of opportunities in line with its investment strategy, in particular the potential acquisition of Arysta LifeScience from Platform Specialty Products Corporation ("Platform"). Discussions ceased on 18 June 2018, and Platform are now in exclusive negotiations with another party.
As at 30 June 2018 Wilmcote's net cash balance after deducting costs incurred and accrued in respect of operating and due diligence expenses was approximately £11.5 million.
Adrian Whitfield, Wilmcote CEO, commented: "There are a large number of attractive buy-and-build opportunities in the downstream and specialty chemical sector and we continue to be very excited about our prospects of being able to execute our investment strategy to unlock the full potential of acquired assets."
Teneo (Financial PR) Tel: +44 (0) 7703 330 269
Charles Armitstead/ Rosie Oddy
Numis Securities Limited (Nominated Adviser and Broker) Tel: +44 (0) 20 7260 1000
Ross Mitchinson
Jamie Lillywhite
James Taylor
Jamie Loughborough