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: 07703 518 148 |
Joe Grimmond, Chairman |
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Cairn Financial Advisers LLP |
Tel: 020 7213 0880 |
Nominated Adviser |
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Tony Rawlinson / Liam Murray |
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Daniel Stewart & Company plc |
Tel: 020 7776 6550 |
Broker |
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David Lawman |
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Capital Markets Consultants Limited |
Tel: 07515 587 184 |
PR |
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Richard Pearson |
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