Ensor Holdings PLC Disposal

 
TIDMESR 
 
16 October 2015 
 
                 Ensor Holdings plc ('Ensor' or the 'Company') 
 
              Disposal of Ensor Building Products Limited ('EBP') 
 
Further to the announcement released on 27 May 2015 that the Company was in 
discussions relating to the sale of EBP, and the statement in the Annual Report 
and Accounts released on 10 June 2015 that the Company had reached an agreement 
to sell EBP to its management, the Company is pleased to announce that it has 
today signed a legally binding agreement to dispose of EBP. 
 
Details of the transaction 
 
The Company has agreed to sell the entire issued share capital of Ensor 
Building Products Limited, a distributor of roofing, drainage and speciality 
building products based in Lancashire. 
 
As at 31 March 2015, EBP generated operating profits of GBP365,000 before 
exceptional and group charges. The net asset value of EBP as at 31 March 2015 
was GBP1,029,000. 
 
After an extensive sales process, the Company has agreed to sell EBP to a 
company controlled by Philip Brooke, the current Managing Director of EBP, for 
a total consideration of GBP1,441,000. GBP1,241,000 will be paid on completion, and 
the remaining GBP200,000 will be paid by 30 April 2016. 
 
The disposal is in accordance with, and represents the successful start of, the 
Company's previously announced policy of reviewing its strategic options in 
order to maximise value for shareholders, including exploring a potential sale 
of the Company. Depending upon the further progress of the review of strategic 
options it is presently the board's ultimate intention to return cash to 
shareholders. 
 
The strategic review and formal sale process is continuing and further 
announcements will be made in due course. 
 
Related party 
 
The sale of EBP to Philip Brooke is classified as a transaction with a related 
party for the purposes of the AIM Rules. In accordance, with the AIM Rules, 
therefore, the directors of the Company having consulted with the Company's 
nominated adviser, Westhouse Securities Limited, consider that the terms of the 
transaction are fair and reasonable insofar as the Company's shareholders are 
concerned. 
 
Enquiries: 
 
Ensor Holdings plc 
 
Roger Harrison / Marcus Chadwick                                0161 945 5953 
 
Westhouse Securities Ltd 
 
Robert Finlay / Rose Ramsden                                    020 7601 6100 
 
 
 
END

(END) Dow Jones Newswires

October 16, 2015 09:46 ET (13:46 GMT)

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