Posting of Circular

 

TIDMACER 
 
RNS Number : 4109T 
Acertec PLC 
04 June 2009 
 

4 June 2009 
 
 
Acertec plc 
("Acertec" or the "Group") 
 
 
Posting of circular 
 
 
On 26 May 2009, Acertec announced the proposed cancellation of the trading of 
its shares on AIM and re-registration as a private company. Further to this, the 
Company announces that a circular containing a notice of General Meeting to be 
held on 22 June 2009 is being posted to the Company's shareholders today and 
will be available shortly on the Company's website: www.acertec.com. 
 
 
Acertec also announces that the Board has completed a review of the Company's 
net asset position and has concluded that the value of the Company's net assets 
is now less than half of its called up share capital. 
 
 
As part of their ongoing review of the Group's continuing operations and 
financial position, the Directors are required to make a judgement as to whether 
it is probable that any deferred tax assets will be recoverable. Based upon the 
latest forecasts, the Directors are of the view that this is not the case in 
respect of the majority of the Company's deferred tax assets and, accordingly, 
such assets will be de-recognised. The Company was also carrying goodwill of 
GBP3.4 million at 31 December 2008 in respect of its loss making UK automotive 
business. On this basis, the Directors have concluded that the value of the 
Company's net assets is now less than half of its called up share capital. In 
such circumstances, the Directors are obliged under section 142 of the Companies 
Act 1985 to convene a general meeting to consider whether any, and if so what, 
steps should be taken to deal with this situation. Accordingly, the business to 
be conducted at the General Meeting will include consideration of what, if any, 
such steps should be taken in the light of this. 
 
 
Enquiries: 
+-----------+---------------+ 
| Acertec   |  01743 445541 | 
| plc       |               | 
+-----------+---------------+ 
| Greg      |               | 
| MacLeod,  |               | 
| Executive |               | 
| Director  |               | 
| Steve     |               | 
| Kynaston, |               | 
| Finance   |               | 
| Director  |               | 
+-----------+---------------+ 
|           |               | 
+-----------+---------------+ 
| Hawkpoint | 020 7665 4500 | 
| Partners  |               | 
| Limited   |               | 
+-----------+---------------+ 
| David     |               | 
| Renton    |               | 
+-----------+---------------+ 
|           |               | 
+-----------+---------------+ 
| Weber     | 020 7067 0700 | 
| Shandwick |               | 
| Financial |               | 
+-----------+---------------+ 
| Nick      |               | 
| Oborne    |               | 
| /         |               | 
| Clare     |               | 
| Perks     |               | 
+-----------+---------------+ 
 
 
 
 
Notes to Editors: 
Acertec is comprised of two divisions, Stadco and Acertec Construction Products 
(formerly BRC).  Stadco is a leading supplier of body-in-white pressings and 
sub-assemblies to automotive OEM's in the UK and Germany. 
Acertec 
Construction Products supplies high performance engineered solutions for mining, 
civil engineering, building and security industries. 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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