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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Jourdan | LSE:JDR | London | Ordinary Share | GB00B0STXK93 | ORD GBP1 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 200.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number : 3864U Jourdan PLC 14 May 2008 Jourdan plc ("Jourdan" or the "Company") Disposal of Suncrest On 4 March 2008, the Company announced that it proposed to downsize the business of its subsidiary, Suncrest Surrounds Limited ("Suncrest") at its Peterlee facility so as to discontinue the mantelpiece, electric suites and fire surrounds operations. The Company commenced consultation with its workforce in this regard and it was anticipated that the restructuring would have led to substantial job losses within Suncrest. The Company also announced that it anticipated that a substantial non-recurring provision would be required in the second half year to 30 June 2008 as a result of the restructuring. The Board of Jourdan is pleased to announce that Suncrest has today sold the fireplace suites, mantelpieces and electric fires manufacturing business, to Newco 97531 Limited ("the Purchaser"), a subsidiary of CJ Group Ltd which owns Magiglo Limited, a manufacturer of gas fires. The Purchaser will assume the name "Suncrest Surrounds". All of Suncrest's existing employees will be transferred with the business to the Purchaser and their immediate futures safeguarded. Those elements of the Suncrest business which related to the production of Corby trouser presses and ironing centres on behalf of the Company's subsidiary, John Corby Limited, are being retained within the Jourdan group of companies, although certain services will continue to be provided by the Purchaser at the Peterlee facility pursuant to a cooperation agreement with John Corby Limited. The consideration for the sale comprises £70,000 payable in cash on completion, a further £30,000 payable in cash over the next six months and a further cash payment to the extent that the amount of the book debts of the business as at completion exceed the amount of the creditors. The Company estimates that this may result in a further cash payment of around £100,000. Pursuant to the agreement for the sale, Suncrest has also agreed to continue to pay the rent on the existing premises occupied by the business being sold until the end of the current lease in March 2009 at an annualised cost of £183,500. The net financial effect of this transaction for the Company is expected to result in a write off of assets estimated at £1.2m (excluding the loss before tax estimated at £400k for the year to 30 June 2008). Commenting on the transaction David Abell, Chairman, stated "I am pleased that we have been able to avoid closing down Suncrest by disposing of this business to a fellow manufacturer who is taking on all employees. The disposal will allow Jourdan to focus on its medical packaging businesses, Westfield Medical Limited and Clinipak Limited which are continuing to perform strongly". Contact: Jourdan plc David Abell, Chairman Tel: 01476 403456 Charles Stanley Securities Tel: 020 7149 6000 Nominated Adviser & Broker Russell Cook / Carl Holmes This information is provided by RNS The company news service from the London Stock Exchange END DISEAXSLFEPPEEE
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