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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 4113e QUADRANT GROUP PLC 7th August 1997 Quadrant Group plc ("Quadrant") (The Precision Engineering and Electronics Systems Group) SALE OF YEWLANDS Following the receipt of #4.3 million from the recent Placing and Open Offer, Quadrant Group plc ("Quadrant") has taken a further step towards recovery with the sale of its loss-making UK aerospace engineering subsidiary, Yewlands Engineering Co. Limited ("Yewlands"). Yewlands has been sold to Chevron Aerospace Engineering Limited ("Chevron") for nominal initial consideration, plus assumption of #620,000 of debt. In addition, deferred consideration of up to #550,000 may be payable by Chevron dependent on the purchaser's utilisation of tax losses in Yewlands. Excluded from the sale is the building occupied by Yewlands, of which the freehold is owned by Quadrant. Chevron has guaranteed a 15-year lease of this building from Quadrant to Yewlands at an initial annual rental of #150,000. In the 15-month financial year to 31 May 1997, Yewlands made a loss before tax (after exceptional items) of #2.65 million. The net assets of Yewlands on disposal were approximately #2.2 million and the sale will therefore generate a loss on net assets of that amount plus costs. In addition goodwill of #1.9 million previously written off to reserves will be taken as an exceptional loss on disposal, but will have no effect on net assets. Yewlands was acquired by Quadrant in 1994 as part of an expansion in the aerospace precision engineering sector in both the UK and USA. Shortly following the acquisition, serious problems were identified that resulted in a damages claim cash settlement of #1 million paid to Quadrant by the vendor. Since that time, Quadrant has been engaged in a fundamental turnaround of Yewlands in difficult market conditions, involving substantial changes of personnel and processes. Although Yewlands' prospects are now much improved, with increased order books and a strengthening market, the timing of profit recovery and positive cash flow remain uncertain. Quadrant's board has stated that firm action would be taken if any delay in recovery became likely. Following a recent re- assessment Yewlands' short term projections, such a delay seemed probable and accordingly the decision was made to seek a buyer for the company. Quadrant's US aerospace engineering subsidiary, which is profitable and experiencing strong growth, is not part of the sale. The disposal of Yewlands reduces Quadrant's consolidated borrowings by #620,000 and removes the need to fund Yewlands' further cash requirements. More importantly, it allows Quadrant to focus its UK activities on its growing electronic systems subsidiaries involved in closed-circuit television security and flight simulation. For further information, please contact; David Coghlan (Chief Executive) 0171 408 1062 Brian Coleman-Smith (Binns & Co. Public Relations) 0171 786 9600 END
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