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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Morgan Advanced Materials Plc | LSE:MGAM | London | Ordinary Share | GB0006027295 | ORD 25P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
5.00 | 1.55% | 328.00 | 326.00 | 328.00 | 328.50 | 322.50 | 328.50 | 231,904 | 09:49:50 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Carbon And Graphite Products | 1.12B | 47.3M | 0.1663 | 19.75 | 934.58M |
TIDMMGAM
RNS Number : 9666H
Morgan Advanced Materials PLC
21 November 2018
Press Release
Morgan Advanced Materials plc
21 November 2018
Morgan Advanced Materials announces divestment of its Composites and Defence Systems business
Morgan Advanced Materials plc ("Morgan") announces that it has completed the sale of its Composite and Defence Systems ("C&DS") business to 11046896 Canada Inc., a partnership between The Pasqua First Nation of Saskatchewan, Canada and James Kempston, who will serve as the Chief Executive Officer of C&DS.
The sale values the business at GBP2.5m on a cash-free, debt-free basis with GBP2m cash received on completion and the balance to be paid by 21 January 2019. The transaction has been structured to leave Morgan with the economic benefit of certain assets, most notably the principal freehold property associated with the business, as well as certain liabilities relating to the exit of parts of the business. These liabilities were provided for in the interim results for the half year ended June 2018.
In the year ended 31 December 2017, the C&DS business generated a GBP1.1m headline operating loss on GBP21.0m of sales.
The divestment follows Morgan's announcement of 23 April 2018 to exit the business, and is in line with Morgan's strategy to simplify its portfolio and focus on global technology businesses of scale.
For further enquiries:
Morgan Advanced Materials Pete Raby plc 01753 837 000 Peter Turner Alison Lea Brunswick 0207 404 5959
The next scheduled update is the Group's Preliminary Full Year results presentation on 26 February 2019.
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.
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November 21, 2018 02:00 ET (07:00 GMT)
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