Coral Products PLC Completion of Disposals and Board Changes (8835Q)
March 02 2021 - 6:54AM
UK Regulatory
TIDMCRU
RNS Number : 8835Q
Coral Products PLC
02 March 2021
Coral Products PLC
(the "Company" or "Coral")
Completion of Disposals and Board Changes
Coral Products PLC (the "Company"), a specialist in the design,
manufacture and supply of plastic products based in Wythenshawe,
Manchester, announces that, further to the announcement of 11
February 2021, the disposal of Coral Product (Mouldings) Limited
and Interpack Limited ("Disposals") have now been completed.
Board Changes
As announced on 19 January 2021, Michael Wood, CEO of the
Company, has resigned from the Board pursuant to the completion of
the Disposals.
Joseph Grimmond, formerly Non-executive Chairman, has been
appointed as Executive Chairman of the Company.
Joe Grimmond, Chairman of Coral, commented;
"This sale places the Group in a strong financial position with
circa GBP8 million of net cash and two profitable remaining
businesses in Tatra Rotalac and Global One-Pak. Furthermore, the
Group continues to own the freehold site at Haydock which will now
generate GBP300,000 p.a. in rent. It is the Board's intention to
conduct a review to determine the most advantageous route to
deliver shareholder value and apply the proceeds from the
Disposals."
This announcement contains inside information for the purposes
of UK Market Abuse Regulation and has been arranged for release by
Sharon Tinsley, Finance Director of the Company. The Directors of
the Company are responsible for the release of this
announcement.
For further information, please contact:
Coral Products plc
Joe Grimmond, Executive Chairman Tel: 07703 51
8148
Nominated Adviser & Broker
Cairn Financial Advisers LLP Tel: 020 7213
Liam Murray 0880
Sandy Jamieson
David Lawman (Corporate Broking)
Tel: 07515 587
Capital Markets Consultants Limited 184
Richard Pearson
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END
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