Silverdell: HSBC Sells GBP16 Million Debt to Turnaround Group Rcapital

LONDON-- Asbestos and waste materials specialist Silverdell PLC (SID.LN) said Tuesday that bank HSBC Holdings PLC (HSBA.LN) has sold its debt position of 16 million pounds to Rcapital Partners LLP, a turnaround investor.

MAIN FACTS:

-As part of the transaction, Silverdell has sold its subsidiaries Redhill Analysts Ltd and RDS Asbestos Management Consultants U.K. Ltd to Rcapital Partners LLP for GBP1, with debt obligation of GBP5.5 million.

-The disposed businesses had combined net assets of GBP11.4 million.

-This transaction will mean that the remaining Group has an indebted position with Rcapital Partners LLP of GBP10.5 million, on the same terms as were applicable with HSBC.

-Rcapital Partners LLP will conduct a review to further understand the cash requirements of the remaining Group.

-Chairman Stuart Doughty, chief financial officer Mark Hazlewood and non-executive directors John Matthews and Mark Watts are to resign with immediate effect.

-Chief executive Sean Nutley will remain on the board together with Condatis Limited, a company wholly owned by Rcapital Partners LLP, which will become a director.

-Write to Rory Gallivan at [e-mail]; Twitter: @RoryGallivan

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