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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Hampson Ind. | LSE:HAMP | London | Ordinary Share | GB00B0P8RT68 | ORD 25P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.225 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMHAMP
RNS Number : 8833I
Hampson Industries PLC
31 July 2012
7am on 31 July 2012
Hampson Industries PLC
Suspension of Trading in Shares
End of Offer Period
Update on strategic review
As stated in previous announcements, the Board of Directors (the "Board") of Hampson Industries PLC (the "Company" and, together with its subsidiaries, the "Group") has been reviewing and assessing the strategic options available to the Group.
The Company is due to publish its Report and Accounts for the year ended 31 March 2012 by no later than today, 31 July 2012, as required by Disclosure and Transparency Rule (DTR) 4.1.3. However, due to the status and nature of the remaining financing and strategic options available to the Group and following detailed discussions with the Group's auditors, the Board has concluded that the Company will not be in a position to publish those accounts within that required timeframe. Accordingly, the Company has requested an immediate suspension of trading in its shares.
As part of the process of reviewing the strategic options available to the Group, the Board initiated a formal sale process for the Company on 14 February 2012. Discussions have been held with a number of potential acquirers to solicit an offer for the shares in the Company but it has not been possible to progress matters to a position where the Board is satisfied as to the deliverability of a transaction involving an offer for the shares in the Company. The Board has therefore today terminated the formal sale process. As a consequence, the Company hereby confirms that it is no longer in an offer period for the purposes of The City Code on Takeovers and Mergers.
The Group continues actively to review its remaining financing and strategic options with the objective of achieving a disposal of its US and non-US operations with the support of its lenders. In that context, the Group is entering into a period of exclusivity with a third party in relation to a potential disposal of the Group's US operations. In addition, the Group has entered into covenant waivers in respect of its finance facilities (which are anticipated to provide adequate working capital headroom for the Group's operations) until 28 September 2012, to provide time to implement either the disposals or a financial restructuring of the Group's operations.
The Board does not expect the conclusion of any of the options currently open to the Group to result in there being any value remaining for existing shareholders.
Further announcements will be made as appropriate.
Enquiries:
M:Communications
Ann-marie Wilkinson / Maria Souvorov +44 207 920 2330
This information is provided by RNS
The company news service from the London Stock Exchange
END
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