14 July
2016
Ensor Holdings PLC
(‘Ensor’ or the ‘Company’)
Disposal of
Technocover Limited (‘Technocover’)
Ensor is pleased to announce the sale of the entire issued share
capital of Technocover Limited to Lionweld Kennedy Flooring
Limited, a subsidiary of Hill & Smith Holdings PLC, for a total
cash consideration of £10,000,000 on a debt and cash free
basis.
Out of the consideration, which is payable in cash on
completion, an amount of £250,000 will be retained in escrow for up
to 18 months. In addition, net cash of £1,100,000 in
Technocover was retained by Ensor. The value of net operating
assets disposed of is £3,695,000, subject to any balancing receipt
or payment in respect of completion accounts in due course.
In the year to 31 March 2016,
Technocover, a manufacturer and installer of steel security access
products for the utilities markets, recorded turnover of £14.7
million and an operating profit of £1.53 million before group
charges.
The sale of Technocover represents a further significant element
of a process to dispose of all of the Company’s activities and
return capital to shareholders. No distribution is proposed at
present, pending the outcome of negotiations for the sale of the
remaining businesses and assets.
Further announcements will be made in due course including the
reporting of preliminary results for the year ended 31 March 2016, expected to be during the week
commencing 18 July 2016.
Enquiries
Ensor Holdings PLC: Roger
Harrison / Marcus Chadwick -
0161 945 5953
Stockdale Securities Ltd: Robert
Finlay / Rose Ramsden - 020
7601 6100