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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Hardide Plc | LSE:HDD | London | Ordinary Share | GB00BJJPX768 | ORD 4P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 7.75 | 7.50 | 8.00 | 7.75 | 7.75 | 7.75 | 0.00 | 08:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Coat,engrave,allied Svc, Nec | 5.5M | -1.12M | -0.0142 | -5.46 | 6.08M |
RNS Number:0613R Proventec PLC 12 February 2007 Press Release 12 February 2007 Proventec Plc ("Proventec" or "the Company") Sale of remaining 21.5% holding in Hardide Proventec Plc (AIM:PROV), a provider of specialist steam cleaning and coatings technologies, today announces that through its subsidiary, Flintstone Management Services Limited ("FMS"), the Company has raised #2.3 million (after expenses) via the sale of FMS's remaining 21.5% stake in AIM-listed Hardide plc ("Hardide "). The sale of 31,499,725 ordinary shares in Hardide via a Placing to Hardide's current shareholders marks a full exit from Hardide by Proventec and is in line the Company's stated strategy of exiting non-core investments. The exit provides Proventec with a net profit of #0.7 million and the proceeds of the Placing will be used to continue the development of Proventec's core businesses in hygienic solutions and preventative coatings. Ellis & Company advised Proventec and Hardide on the Placing. David Chestnutt, Chief Executive of Proventec, said: "This full exit from Hardide follows on from the reduction the Company announced back in May 2006 and, as stated then, it makes strategic sense for both parties. Through our subsidiary, FMS, we have been long term original holders in Hardide and have been financially supportive through Hardide's corporate development and we wish them well in the future. "Our policy of exiting non-core investments in recent months places the Company in a strong position to facilitate the next stage of our own growth ambitions. We are keen to expand our execution capabilities in marketing and sales in-house as well as actively pursuing joint ventures and complementary acquisitions particularly in Europe and North America." Following this Placing of shares, David Chestnutt, the current non-executive Chairman of Hardide, will relinquish his position from the Hardide Board, with effect from 31 March 2007. - Ends - For further information, please contact: Proventec Plc David Chestnutt, Chief Executive Tel: + 44 (0) 151 706 0626 dchestnutt@proventecplc.com www.proventecplc.com Dawnay, Day Corporate Finance Limited David Rae, Corporate Finance Tel: + 44 (0) 20 7509 4570 david.rae@dawnayday.com www.dawnayday.com Media enquiries: Abchurch Henry Harrison-Topham / Gareth Mead Tel: +44 (0) 20 7398 7700 gareth.mead@abchurch-group.com www.abchurch-group.com Notes to editors: Proventec plc manages a complementary portfolio of integrated businesses that specialise in hygienic solutions and preventative coatings technologies. Headquartered in Liverpool, the Company operates in global markets, pioneering developments within the healthcare, food manufacturing, hospitality industries, transportation, construction, and other sectors. The Company's hygienic solutions division includes OspreyDeepClean, the world's leading provider of chemical-free specialist dry saturated steam cleaning technology, which has been successfully proven in trials with University College London Hospitals to combat the spread of common bacteria and healthcare associated infections such as MRSA and Clostridium difficile. The market for hygienic solutions is currently dominated by conventional cleaning methods and systems which are often labour intensive and require extensive use of water and toxic chemicals. At the same time most of these cleaning methods only serve general cleaning purposes but do not sufficiently address more elaborate hygienic concerns, especially with regards to food safety and hospital acquired infections. Proventec, through its coatings division, is also a leading provider of non- toxic, phosphorous based, coatings and chemicals for wood and wood based products, wool, cotton and plastics. The division includes Magma, a developer of flame and fire retardant products, which is the first company to obtain European approval for the fire retardant treatment of plywood and has met the highest standards of the EU classification system, EN13501-1. Proventec has an active R&D programme for the development and improvement of its technologies and applications, and co-operates with companies and technical institutes across Italy, Germany, Holland and the UK. Supported by a changing legal and political international environment, Proventec is answering an increasing consumer demand for hygiene and safety, and is creating distinctive and proprietary positions within these markets. For further information please visit www.proventecplc.com Hardide plc provides and applies tungsten carbide coatings to a wide range of engineering components. The Company's patented technology is unique in that it combines both abrasion and corrosion resistant properties in one coating. When applied to components, the technology is proven to offer dramatic cost savings through reduced downtime and extended component life. Customers include leading companies operating in oil and gas exploration and production, valve and pumps manufacturing and general engineering. This information is provided by RNS The company news service from the London Stock Exchange END DISEAXANELXXEFE
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