Disposal of Investment and Trading Update

RNS Number : 7910T

Sagentia Group PLC

12 December 2011

 



12 December 2011

Sagentia Group plc

("Sagentia" or the "Group")

Disposal of Investment and Trading Update

At the end of 2010, the Board reviewed the carrying value of all of the Group's legacy investments.  At 30 June 2011, Sagentia had just one remaining minority investment to which it attributed any value, being Sphere Medical Holdings Limited, ("Sphere") with a balance sheet carrying value of £800,000.

Sphere successfully completed an initial public offering onto the AIM market in November 2011 and the Board is pleased to advise that subsequent to that listing Sagentia has disposed of its entire holding in Sphere.  This disposal is in accordance with the Board's defined strategy of realising its legacy investment portfolio.

The disposal of the Sphere shareholding realised approximately £703,000 after transaction costs and the cash balance of the Group will increase accordingly.  Following this disposal, the Board now anticipate gross cash at the end of the year to exceed £20 million.

The disposal of the Sphere shareholding will result in a non-cash charge of approximately £97,000 in the current year.  However, due to a modestly stronger than anticipated performance, the Board anticipates that profit for the year will be slightly ahead of current expectations.

- Ends -

For further information:

Sagentia Group plc
Martyn Ratcliffe, Chairman
Brent Hudson, Chief Executive	Tel: [phone]
Neil Elton, Finance Director	www.sagentiagroup.com

Numis Securities Limited
Nominated Adviser: Oliver Cardigan / Simon Willis Corporate Broking: James Serjeant	Tel: [phone]

Media enquiries:

Abchurch
Henry Harrison-Topham / Jamie Hooper	Tel: [phone]
[e-mail]	www.abchurch-group.com

 

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