Business and Asset Purchase

RNS Number : 3700Q

Coral Products PLC

11 September 2017

 

CORAL PRODUCTS PLC

("Coral" or the "Company")

Business and asset purchase

Coral announces that its wholly owned Manchester based subsidiary Tatra Rotalac Limited has today conditionally agreed to acquire the assets and continuing business of the Tambour shutter systems division of Pal Group (Operations) Limited. Cash consideration of £200k is being paid from existing resources, plus an amount equal to the value of the stock held on completion by the Tambour shutter systems division.

The purchase is expected to complete on 13 October 2017.

The business consists of various tooling, outstanding orders, customer lists and technical specifications.

Whilst it is not material in a group context, with annual sales of circa £250k and likely contribution of £100k, it is significant in that it removes a competitor, and also extends and improves the Company's existing Tambour shutters division product range.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

Enquiries:

Coral Products plc	Tel: [phone]
Joe Grimmond, Chairman
Cairn Financial Advisers LLP	Tel: [phone]
Nominated Adviser
Tony Rawlinson / Liam Murray
Daniel Stewart & Company plc	Tel: [phone]
Broker
David Lawman
Capital Markets Consultants Limited	Tel: [phone]
PR
Richard Pearson

 

END

 

 

MSCBFLFFDKFBBBD