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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Quadnetics Grp | LSE:QDG | London | Ordinary Share | GB0007156838 | ORD 20P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 290.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS No 9430f QUADRANT GROUP PLC 14th April 1998 Quadrant Group plc ("Quadrant") (The Precision Engineering and Electronics Systems Group) SALE OF SHAREHOLDING IN QUADRANT PRECISION MANUFACTURING Quadrant Group plc ("Quadrant") has reached agreement, conditional on shareholders' approval, to sell its 80% majority shareholding in Quadrant Precision Manufacturing Inc ("QPM") to QPM's management for a minimum consideration of US $2.4 million in cash and loan notes, plus assumption of QPM's debt of approximately $3.5 million. In the 15 month period to 31 May 1997, QPM contributed profit before tax and minority interest of #90,000 and in the half year to 30 November 1997 profit before tax and minority interest of #124,000. The net assets attributed to the QPM shareholding in Quadrant's balance sheet as at 30 November 1997 were #1.2 million. Payment terms are: * $1.25 million in cash on completion. * $750,000 to $980,000 in cash payable between completion and 8 September 1998, depending on the date of payment. * $366,000 in loan notes repayable quarterly over two years with interest at 8% per annum. The proceeds of sale will be used to reduce bank borrowings and for working capital. Following the disposal of Yewlands Engineering last year, QPM represents Quadrant's only remaining activity in aerospace sub-contract manufacturing. The disposal of QPM will allow Quadrant to focus on development of its two UK electronics businesses, involved principally in flight simulation and training and in CCTV security and professional audio visual systems. A circular will be issued shortly setting out full details and convening an Extraordinary General Meeting of the Company's shareholders in late May to consider the proposed disposal of QPM. For further information, please contact: David Coghlan (Chief Executive) 01527 850080 Nigel Poultney(Finance Director) 01527 850080 Brian Coleman-Smith (Binns & Co. Public Relations) 0171 786 9600 END DISBUGBSDDBCCIS
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