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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Pgi Grp | LSE:PGI | London | Ordinary Share | GB0006911696 | ORD 25P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 8.75 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:7053F PGI Group PLC 05 July 2006 PGI Group plc 5 July 2006 PGI Group Plc ("PGI") announces that its wholly owned subsidiary P & G Industries Plc ("the Vendor"), has entered into a conditional agreement to sell the business of its Chillington Manufacturing division, the Group's wheelbarrow manufacturer to Bescot Construction Tools Limited ("the Purchaser"). The total consideration for the transaction will be #750,000 subject to adjustment equal to the amount, if any, by which the net working capital at completion exceeds or falls short of #293,000. Of the total consideration, #250,000 will be paid on completion. Any adjustment for the working capital, as noted above, is due to be paid 15 days following completion. Thereafter, the balance of the consideration is due to be paid on the following dates: # --- 31st December 2006 140,000 31st December 2007 180,000 31st December 2008 180,000 --------- #500,000 ========= The deferred consideration of #500,000 payable by the Purchaser is covered by first demand bank guarantees in favour of the Vendor. Completion of the agreement, which is expected to be by not later than 1st September 2006, is conditional, inter alia, upon consultation with the employees under the Transfer of Undertakings (Protection of Employment) Regulations 2006 and the Lessor of the premises currently occupied by Chillington Manufacturing consenting to the assignment of the lease to the Purchaser. The gross assets of Chillington Manufacturing at 31st December 2005 amounted to #1,080,000 and the net loss attributable to it for the year ended on that date amounted to #1,031,000 (including an impairment provision of #670,000). The proceeds of the transaction will initially be used by PGI to reduce its net borrowings. The disposal completes the Group's withdrawal from all its non core businesses. It is now focused on its Food group operations in Southern Africa and its property investment management and development in Russia through the Jensen Group. This information is provided by RNS The company news service from the London Stock Exchange END DISUVORRNWRBRAR
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