Hampson Industries PLC Receivership sale (3723R)

TIDMHAMP

RNS Number : 3723R

Hampson Industries PLC

16 November 2012

16 November 2012

Hampson Industries PLC

Receivership sale of the entire issued share capital of BHW (Components) Limited held by Hampson Aerospace Services Limited

Hampson Industries PLC (the "Company" and, together with its subsidiaries, the "Group") announces that fixed charge receivers have been appointed over the shares held by Hampson Aerospace Services Limited in BHW (Components) Limited ("BHW"). Pursuant to an agreement dated 16 November 2012, the receivers have effected the sale of the entire issued share capital of BHW to LNB UK Limited for a consideration of GBP2,365,000 in cash, GBP2,215,000 of which has been paid, and GBP150,000 of which is to be paid within 30 days of completion. The consideration is payable by the purchaser to the receivers, on behalf of Hampson Aerospace Services Limited and will be applied (after the deduction of the costs of sale) in repaying part of the outstanding debt owed by the Group to the lenders under the Group's finance facilities.

BHW provides integrated airframe solutions for aircraft component manufacture and assembly to OEM and tier-one suppliers to the aerospace industry (including the manufacture and supply of engine nacelles, fuselage structures, empennage, aircraft skins and other aerospace components). As at 31 March 2011, the value of the gross assets of BHW were GBP15.16 million and BHW recorded a net loss for the period to 31 March 2011 of GBP3.91 million.

With the support of the Group's lenders, the Board of Directors (the "Board") of the Company continue to actively pursue the objective of achieving a sale of the Group's US operations (and of the Group's interests in India).

The conclusion of the sale of the Group's US and Indian operations (and the realisation of any remaining assets) are not expected to result in there being any value remaining for the Company's shareholders.

Further announcements will be made as appropriate.

Enquiries:

M: Communications

   Ann-marie Wilkinson / Maria Souvorov                 [phone] 

This information is provided by RNS

The company news service from the London Stock Exchange

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