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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Acertec | LSE:ACER | London | Ordinary Share | GB00B0836H98 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.25 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMACER RNS Number : 8352S Acertec PLC 26 May 2009 26 May 2009 Acertec plc ("Acertec" or the "Group") Proposed delisting from AiM On 19 February 2009, Acertec announced that due to decreasing automotive volumes at key automotive OEM customers, the Group was incurring significant losses in its UK Stadco automotive operations despite important actions taken to reduce costs. In that announcement, Acertec highlighted that the outlook for the automotive industry for the remainder of 2009 continued to be uncertain and the Board would take further action as required. Since this announcement, uncertainty within the automotive industry has persisted and the Group has continued to incur operating losses. The Board is in the final stages of completing a restructuring of its UK automotive operations which will reduce Stadco's UK headcount by approximately 40%. The Board has undertaken a number of additional cost saving initiatives including implementing a 4% pay cut for all Acertec and Stadco salaried staff, including directors. Net debt reduced to GBP48 million at 30 April 2009 from GBP63.8 million at 30 June 2008, following the completion of previously announced disposals. At 30 June 2008, Acertec had total retirement benefit obligations under the Group's two defined benefit pension schemes of GBP23.9 million on an IAS 19 basis. The Board remains focussed on taking mitigating actions to reduce Group liabilities. As previously disclosed, the Group continues to be engaged in discussions with its secured lenders in relation to an extension to the term and quantum of its revolving credit facilities. In view of the Group's extensive liabilities and in order to save additional costs, the Acertec Board, in conjunction with a number of other initiatives, is proposing to cancel the trading of its shares on AIM. In accordance with the AIM Rules, a circular will be sent to Acertec shareholders explaining the rationale behind the proposed cancellation, the reasons for and background to the proposal and convening a general meeting for the purpose of approving the cancellation.Subject to shareholder approval of the delisting, it is also intended that Acertec re-register as a private company. 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 MSCPUUGPAUPBGAQ
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