Share Name Share Symbol Market Type Share ISIN Share Description
CHAMBERLIN PLC NEX:CMH.GB NEX Ordinary Share GB0001870228
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 20.00p 15.00p 25.00p 20.00p 20.00p 20.00p 0 07:51:16
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
- - - -

Chamberlin PLC Sale of Exidor Limited

20/12/2018 7:00am

UK Regulatory (RNS & others)


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RNS Number : 0425L

Chamberlin PLC

20 December 2018

AIM: CMH

Chamberlin plc

("Chamberlin" or the "Group" or the "Company")

Sale of Exidor Limited for total cash consideration of GBP10 million

Chamberlin plc (AIM: CMH) announces that it has completed the sale of Exidor Limited ("Exidor") to ASSA ABLOY Limited ("ASSA ABLOY"), for a total enterprise value of GBP10m with the consideration to be paid in cash.

The proceeds of the disposal will be used to reduce Group indebtedness, to provide additional working capital and to reduce certain of the Company's existing pension liabilities.

The cash consideration represents approximately 180% of Chamberlin's market capitalisation based on the Group's closing mid-market share price of 70 pence per ordinary share as at 18 December 2018.

Exidor employs approximately 70 staff from its premises in Cannock, all of whom will be retained under the ownership of ASSA ABLOY. Turnover in the year to 31 March 2018 was GBP7.52m and operating profit was approximately GBP651,000. Total net assets as at 31 March 2018 were approximately GBP2.01m.

Chairman, Keith Butler-Wheelhouse, commenting on the transaction said:

"This transaction will enable Chamberlin plc to restructure its balance sheet and will provide additional working capital. We can look forward to the further development of our core operations with greater certainty and with considerable optimism.

"We believe that ASSA ABLOY, who are well positioned to support the ongoing growth and development of the business, represents the ideal owner for Exidor."

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.

Enquiries:

   Chamberlin plc (www.chamberlin.co.uk)                                             T: 01922 707100 

Kevin Nolan, Chief Executive

Neil Davies, Finance Director

Cenkos Securities plc

(Nominated Adviser and Broker) T: 020 7397 8900

Russell Cook/Katy Birkin

KTZ Communications T: 020 3178 6378

(Financial PR)

Katie Tzouliadis/Emma Pearson/Dan Mahoney

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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December 20, 2018 02:00 ET (07:00 GMT)

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