Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).


For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.


We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.


In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.


We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.


We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.


The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.


Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.


If you want more information or have any questions or comments relating to our privacy policy please email [email protected] in the first instance.

 Information  X 
Enter a valid email address

Elementis PLC (ELM)

  Print      Mail a friend       Annual reports

Tuesday 23 October, 2001

Elementis PLC

Disposal of Harcros Chemicals

Elementis PLC
23 October 2001

23 October 2001

                          ELEMENTIS ANNOUNCES SALE
                            OF HARCROS CHEMICALS

Elementis plc announces today that it has sold Harcros Chemicals (Harcros), the
Group's US chemical distribution business, for approximately £23.0 million.
The purchaser is HCI Acquisitions Inc (HCIA), a newly established company in
which the current senior management of Harcros have a partial interest.

Harcros is headquartered in Kansas City, Kansas, US.  It has strong coverage in
the Midwest and employs around 440 people.  The book value of assets to be sold
on a debt free/cash free basis is estimated at £17.3 million.  The sale will
result in an exceptional pre-tax profit of approximately £1.4 million after
expenses, additional environmental provisions and the write back of £0.7
million of goodwill previously written off direct to reserves.  No tax is
expected to be payable as a result of the sale.

The sale price of approximately £23.0 million comprises approximately £20.2
million in cash (of which £17.8 million has been received, the balance being
payable on the determination of the actual net asset amount at the date of
sale), £1.1 million satisfied by HCIA agreeing to discharge and indemnify
Harcros Chemicals Inc, the seller, for certain costs and £1.7 million in the
form of non-voting redeemable preferred stock in HCIA which will be retained.

Over the next ten years, Harcros Chemicals Inc, the seller, has agreed to pay
50 per cent of environmental clean up costs relating to its period of ownership
on sites to be acquired by HCIA, up to a maximum of £6.9 million.  Non-
operating sites are excluded from the sale; Harcros Chemicals Inc will remain
responsible for environmental clean up costs at these locations.  In addition,
Harcros Chemicals Inc has agreed to indemnify HCIA for environmental clean
costs recoverable from a prior owner of the business and for any toxic tort

If Harcros Chemicals is resold within the next three years for a price greater
than the original purchase price, the seller is entitled to additional
consideration, equating to half of all gains above a set return for HCIA, this
return being based on a formula which takes into account the capital invested,
the period of investment and the quantum of the resale price.  This is subject
to an overall cap of £31.2 million.

In 2000, the Group's chemical distribution division, comprising Harcros, made
an operating profit of £6.0 million on £160.0 million of sales.  Operating
profit in the six months to 30 June 2001 was £1.9 million on sales of £87.3
million.  Proceeds from the proposed sale will initially be used to reduce
borrowings and the non voting redeemable preferred stock in HCIA will be

Commenting on the proposed sale, Jonathan Fry, Chairman of Elementis said, 'The
Board believe that by selling Harcros, Elementis will be able to focus more
clearly on its core specialty chemicals businesses making the Company more
attractive to investors.'

                                   - Ends -


Elementis plc                                                    020 7398 1400
Geoff Gaywood                 Group Chief Executive
George Fairweather            Group Finance Director
Anna Passey                   Head of Corporate Communications

Brunswick                                                        020 7404 5959
Andrew Fenwick
Rupert Young


a d v e r t i s e m e n t