RNS No 4157f
DRINGS OF BATH PLC
7th August 1998

DRINGS OF BATH PLC (Drings)

Drings announces that it has signed Heads of Agreement with Ennstone plc
(Ennstone) in relation to the proposed acquisition by Drings of Ennstone s
natural stone and concrete products business.  The consideration will comprise
a combination of new ordinary shares in Drings and cash.  The transaction will
be dependent on a refinancing of Drings in order to satisfy the cash element
of the consideration.  Dring s principal business is the manufacture and
supply of Bath, Portland and Welsh Blue Pennant stone products for use in the
construction industry.

Following completion, Ennstone will own a significant stake in the enlarged
Drings, which will be re-named Natural Stone Products plc (NSP).  The Board of
Directors of NSP will be independent of Ennstone, although Vaughan McLeod will
be appointed as non-executive Chairman and John Barlow finance director.

Ennstone has undertaken to provide a working capital facility of up to
#300,000 to Drings pending completion.  The Heads of Agreement provide that,
upon completion all Drings current directors, other than Mr Peter Burridge,
will offer their resignation from office and employment without compensation. 
Mr Anthony Allsop, Managing Director of Natural Stone Products Limited has
today been appointed a director of Drings to provide new focus to Drings
operations.

The transaction will be effected by the acquisition by Drings of the entire
issued share capital of Natural Stone Products Limited.  The transaction will
be subject to the approval of both Drings and Ennstone shareholders and the
approval by the Panel on Takeovers and Mergers.

A further announcement will be made upon exchange of contracts, at which time,
the approval of both Ennstone and Drings shareholders will be sought.


END

ACQSSMFLWUAUFIA


Thruvision (LSE:THRU)
Historical Stock Chart
From Jun 2024 to Jul 2024 Click Here for more Thruvision Charts.
Thruvision (LSE:THRU)
Historical Stock Chart
From Jul 2023 to Jul 2024 Click Here for more Thruvision Charts.