Eleco PLC Disposal (3477Q)

TIDMELCO

RNS Number : 3477Q

Eleco PLC

20 February 2023

RNS

20th February 2023

Eleco Plc

("Eleco", "Group" or the "Company")

Sale of CAD business, Arcon

Sale of Architectural CAD business reinforces core strategic focus

The Board of Eleco Plc (AIM: ELCO), the AIM-listed construction and building software specialist, is pleased to announce the sale of its wholly owned subsidiary Eleco Software GmbH, the German Arcon architectural CAD business ("Arcon"), to FirstInVision GesmbH, an Austrian architectural software business, for a total consideration of EUR600,000.

The transaction supports the Group's strategy to focus on its core customer segments and businesses.

The EUR600,000 consideration is to be satisfied in cash, with EUR550,000 immediately payable on completion, and EUR25,000 in two deferred instalments (without performance conditions attached) over the next two years.

Jonathan Hunter, Eleco's CEO, commented:

"This transaction reinforces our strategy to focus on our core businesses as we successfully transition these businesses on the SaaS journey; it brings greater certainty for the Arcon business, staff and customers going forward; and, also frees up valuable management time for application to other parts of the business and acquisitions."

Enquiries:

 
                                                                    +44 (0)20 
                                                                     7422 
   Eleco plc                                                         8000 
   Jonathan Hunter, Chief Executive Officer 
                                                                 ------------------------- 
   Neil Pritchard, Chief Financial Officer 
                                                                 ------------------------- 
 
                                                                    +44 (0)20 
                                                                     7220 
   finnCap Ltd                                                       0500 
                                                                 ------------------------- 
   Geoff Nash/ Emily Watts/Seamus Fricker (Corporate Finance) 
                                                                 ------------------------- 
   Charlotte Sutcliffe / Harriet Ward (Equity Capital Markets) 
                                                                 ------------------------- 
 
                                                                    +44 (0)20 
                                                                     3757 
   SEC Newgate UK                                                    6882 
                                                                 ------------------------- 
   Elisabeth Cowell/Bob Huxford                                     eleco@secnewgate.co.uk 
                                                                 -------------------------

About Eleco plc

Eleco plc is a London Stock Exchange AIM-listed (AIM: ELCO) specialist international provider of software and related services to the Architectural, Engineering, Construction and Owner/Operator (AECO) industries and interior furnishing industries from centres of excellence in the UK, Sweden, Germany, Netherlands and the US.

The Company's market-leading Elecosoft software solutions are developed by teams in the United Kingdom, Sweden and Germany, and its solutions cover project management, estimating, timber engineering, CAD and visualisation, asset and facility management and cloud-based digital marketing solutions. For further information please visit www.eleco.com .

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

DISGZGMZNNVGFZM

(END) Dow Jones Newswires

February 20, 2023 02:00 ET (07:00 GMT)

Eleco Public (LSE:ELCO)
Historical Stock Chart
From Jun 2024 to Jul 2024