Ensor Holdings PLC Disposal of Technocover Limited

 
TIDMESR 
 
14 July 2016 
 
                 Ensor Holdings PLC ('Ensor' or the 'Company') 
 
                Disposal of Technocover Limited ('Technocover') 
 
Ensor is pleased to announce the sale of the entire issued share capital of 
Technocover Limited to Lionweld Kennedy Flooring Limited, a subsidiary of Hill 
& Smith Holdings PLC, for a total cash consideration of GBP10,000,000 on a debt 
and cash free basis. 
 
Out of the consideration, which is payable in cash on completion, an amount of 
GBP250,000 will be retained in escrow for up to 18 months.  In addition, net cash 
of GBP1,100,000 in Technocover was retained by Ensor. The value of net operating 
assets disposed of is GBP3,695,000, subject to any balancing receipt or payment 
in respect of completion accounts in due course. 
 
In the year to 31 March 2016, Technocover, a manufacturer and installer of 
steel security access products for the utilities markets, recorded turnover of 
GBP14.7 million and an operating profit of GBP1.53 million before group charges. 
 
The sale of Technocover represents a further significant element of a process 
to dispose of all of the Company's activities and return capital to 
shareholders. No distribution is proposed at present, pending the outcome of 
negotiations for the sale of the remaining businesses and assets. 
 
Further announcements will be made in due course including the reporting of 
preliminary results for the year ended 31 March 2016, expected to be during the 
week commencing 18 July 2016. 
 
Enquiries 
 
Ensor Holdings PLC: Roger Harrison / Marcus Chadwick - 0161 945 5953 
 
Stockdale Securities Ltd: Robert Finlay / Rose Ramsden - 020 7601 6100 
 
 
 
END 
 

(END) Dow Jones Newswires

July 14, 2016 03:45 ET (07:45 GMT)