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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Straight | LSE:STT | London | Ordinary Share | GB0033695486 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 77.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMHLS TIDMSTT RNS Number : 1998I Helesi PLC 08 March 2010 Helesi PLC ("Helesi" or the "Company") Sale of Helesi UK Ltd business and certain assets to Straight Plc Helesi Plc (AIM: HLS), the Greece based waste management products manufacturer and services supplier, announces that it entered in an agreement regarding the sale of the business and part of the assets of Helesi UK Ltd, which constitute Helesi's UK based two-wheeled bin manufacturing operations, to Straight Plc ("Straight"), Europe's leading supplier of recycling container solutions. The consideration payable by Straight is a total of GBP1.6 million in cash and consists of an initial payment of GBP0.45 million on exchange, a further GBP0.45 million on completion with the balance paid in 10 equal monthly instalments commencing on 30th April 2010. For the six months to 30 June 2009, Helesi plc's UK business generated revenues of approximately EUR4.4m and profit before finance charges of EUR0.3m. The UK business generated GBP6.5 million,of revenues, and the loss before tax was GBP1.38 million for the year 2008.. The proceeds of the sale will be used for the reduction of the group's short term debt obligations. In addition Helesi [SA, a wholly owned subsidiary of Helesi] has entered into a strategic alliance with Straight in the UK and Ireland under which Straight will pay Helesi [SA] an ongoing process fee for the use of its brand on jointly branded products, Straight will also become the exclusive UK and Irish distributor and licensee for other Helesi products including plastic 4-wheeled bins and will have the right of first refusal to import and distribute any new products developed by Helesi. Both companies expect to work together on the development of new products - utilising Straight's innovative expertise and Helesi's technical know how. In its interim results for the six months to 30 June 2009, which were announced on 30 September 2009, Helesi reported that it had ceased production at its UK facilities. Helesi has entered into this disposal as part of an ongoing cost reduction strategy, which will allow Helesi to reduce operating expenses and relocate funding to new markets. Helesi has additional available capacity in its new facilities in Nothern Greece and Italy which will substitute for the capacity of the UK manufacturing operations being disposed of. Sakis Andrianopoulos, Chief Executive said: " I am very pleased to announce the disposal of our UK manufacturing assets to our long term partner in the UK, Straight Plc. The new arrangements put in place by the strategic alliance will rationalise our UK activities, whilst enabling us to concentrate our manufacturing operations into new modern facilities elsewhere in Europe. This transaction represents a natural development of our European growth strategy and we look forward to working with Straight to develop our activities in the UK market." - ends - For further information please visit www.helesi.com or contact: +---------------------------------------+--------------------------+ | Helesi PLC | + 30 210 60 48 393-4 | +---------------------------------------+--------------------------+ | Sakis Andrianopoulos, Chief | | | Executive, | | +---------------------------------------+--------------------------+ | Ioannis Tolias, Finance Director | itolias@helesi.com | +---------------------------------------+--------------------------+ | | | +---------------------------------------+--------------------------+ | Panmure Gordon | +44 (0) 20 7459 3600 | +---------------------------------------+--------------------------+ | Andrew Godber | | +---------------------------------------+--------------------------+ | | | +---------------------------------------+--------------------------+ | Tavistock Communications | + 44 (0) 20 7920 | | | 3150 | +---------------------------------------+--------------------------+ | Simon Hudson | shudson@tavistock.co.uk | +---------------------------------------+--------------------------+ | Gemma Bradley | gbradley@tavistock.co.uk | +---------------------------------------+--------------------------+ About Helesi Helesi is a specialist designer and manufacturer of plastic products mainly for use in the waste management industry and a provider of waste management services. Its activities comprise: - the design and manufacture of plastic waste containers including 2 and 4 wheeled bins, pre-sorting bins and the full range of EN 840 standard containers; - the provision of waste management services (waste collection, container washing, street sweeping and recyclable materials collection). - the design and manufacture of material handling plastic products (pallet boxes and crates) for agricultural, domestic and industrial use and other injection-moulding plastic products such as fish crates, and stadium seats; - the supply of special vehicles and equipment for the waste management industry; and - the recycling of used tyres Demand for Helesi's products and services in developed waste management markets is driven by increasingly stringent regulation on waste management and recycling. Growing demand is also being experienced in developing countries, which are looking to establish centralised and orderly waste management services. Helesi has developed a strong market position in both the developed waste management markets of Western Europe as well as in the high growth markets of South-eastern Europe, the Mediterranean and the Middle East. With sales in 52 countries, the Company derives more than 70% of its waste container revenue internationally. This information is provided by RNS The company news service from the London Stock Exchange END DISUGUBUWUPUGRA
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