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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Silverdell | LSE:SID | London | Ordinary Share | GB00B12XK814 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 12.75 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMSID
RNS Number : 1993V
Silverdell PLC
10 December 2013
Silverdell plc
("Silverdell" or the "Group")
Update
The Board of Silverdell announces that following the suspension of its shares from trading on 2 July 2013, pending clarification of the Group's financial position, HSBC has sold its debt position of GBP16 million to Rcapital Partners LLP, a turnaround investor.
As part of the transaction, Silverdell has sold 100% of the share capital of its subsidiaries Redhill Analysts Ltd and RDS Asbestos Management Consultants UK Ltd to Rcapital Partners LLP for a cash consideration of GBP1, and assuming a debt obligation of GBP5.5 million. The last audited accounts were as at 30 September 2012, and these businesses contributed GBP1.5m of operating profit before amortisation and non-recurring items of the Group's reported profit before amortisation and non-recurring items of GBP4.6m. The disposed businesses had combined net assets of GBP11.4m (Group total GBP38.2m).
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.
Stuart Doughty, John Matthews, Mark Watts and Mark Hazlewood have come to the decision to resign as directors of Silverdell plc with immediate effect. Sean Nutley will remain on the board together with Condatis Limited, a company wholly owned by Rcapital Partners LLP, which will become a director. Sean Nutley is sharing in the investment risk and returns with Rcapital Partners LLP in order to align their goals moving forward and therefore, under the AIM Rules, the disposal of Redhill Analysts Ltd and RDS Asbestos Management Consultants UK Ltd is classed as a related party transaction. The Board (excluding Sean Nutley) supports the transaction as it is the only feasible option available to the Group at this point.
finnCap Ltd, the Group's nominated adviser, has not performed due diligence on Condatis Limited or persons associated with it. finnCap Ltd has not given any opinion on the disposal of Redhill Analysts Ltd and RDS Asbestos Management Consultants UK Ltd.
ENQUIRIES:
Silverdell Plc Tel: + 44 20 7389 6827 Sean Nutley, Chief Executive Officer FinnCap (Nominated Adviser and Broker) Tel: + 44 20 7220 0500 Matt Goode (Corporate Finance) Ben Thompson (Corporate Finance) Victoria Bates (Corporate Broking) College Hill Tel: + 44 20 7457 2020 Helen Tarbet Mark Garraway
This information is provided by RNS
The company news service from the London Stock Exchange
END
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