Information  X 
Enter a valid email address

Wilshaw PLC (WSW)

  Print      Mail a friend

Friday 21 July, 2000

Wilshaw PLC

Disposal

Wilshaw PLC
21 July 2000


                                 WILSHAW PLC                                  
                          ('Wilshaw' or 'the Group')                          


     WILSHAW TO DISPOSE OF ITS POWDERS BUSINESS FOR £8.03 MILLION IN CASH     


* Wilshaw's powders business to be sold, conditional on shareholders' approval
for £8.03 million in cash

* Disposal will enable the Group to pursue acquisition opportunities to
increase shareholder value



For further information please contact:

Wilshaw PLC
Peter Reynolds, Chief Executive       
020 8332 0690


KPMG Corporate Finance
Tom Franks
020 7311 8164

Richard Fetterman
020 7311 8557



KPMG Corporate Finance, a division of KPMG which is authorised by the
Institute of Chartered Accountants in England and Wales to carry on investment
business, is acting exclusively for Wilshaw PLC as financial adviser in
relation to the disposal of the Powdrex Business.  KPMG Corporate Finance is
not acting for any other person (including any recipient of this document) and
KPMG Corporate Finance will not be responsible to any person other than
Wilshaw PLC for providing the protections afforded to clients of KPMG
Corporate Finance or for providing advice in relation to the disposal or in
relation to the contents of this press release or any matter referred to
herein.

This announcement does not constitute an offer or an invitation to purchase
any securities.


21 July 2000


     WILSHAW TO DISPOSE OF ITS POWDERS BUSINESS FOR £8.03 MILLION IN CASH     


The Board of Wilshaw announces today that it has entered into a conditional
agreement to sell its powders business to Hoganas (Great Britain) Limited, a
subsidiary of Hoganas AB, for a total consideration of approximately £8.03
million, payable in cash on completion.

Wilshaw's powders business comprises the trade and assets of Powdrex Limited
('Powdrex') which manufactures high alloy steel powders used in the production
of components by the powder metallurgy press and sinter process.  In the year
ended 31 March 2000, Powdrex achieved an operating profit of £1,099,000 (1999:
£1,007,000) on turnover of £4,199,000 (1999: £4,263,000).  The net assets of
Powdrex to be disposed of were £2,228,000 as at 31 March 2000.

On completion of the disposal the net proceeds, amounting to approximately
£7.6 million after expected expenses of £425,000 will be placed on bank
deposit.  The proceeds will enable the Group to pursue acquisition
opportunities which, in the opinion of the Board, will increase shareholder
value.

The Disposal is conditional on the approval of shareholders of Wilshaw which
will be sought at an Extraordinary General Meeting to be held on 8 August
2000.


For further information please contact:

Wilshaw PLC
Peter Reynolds, Chief Executive       
020 8332 0690


KPMG Corporate Finance
Tom Franks
020 7311 8164

Richard Fetterman
020 7311 8557

KPMG Corporate Finance, a division of KPMG which is authorised by the
Institute of Chartered Accountants in England and Wales to carry on investment
business, is acting exclusively for Wilshaw PLC as financial adviser in
relation to the disposal of the Powdrex Business.  KPMG Corporate Finance is
not acting for any other person (including any recipient of this document) and
KPMG Corporate Finance will not be responsible to any person other than
Wilshaw PLC for providing the protections afforded to clients of KPMG
Corporate Finance or for providing advice in relation to the disposal or in
relation to the contents of this press release or any matter referred to
herein.

This announcement does not constitute an offer or an invitation to purchase
any securities.