Screen PLC - Disposal Completed
April 28 1998 - 12:15PM
UK Regulatory
RNS No 6787q
SCREEN PLC
28th April 1998
Screen announces that it completed yesterday the disposal
of a substantial part of its security guarding assets
(known as Executive Security). The following details are
relevant to this disposal:-
a. The assets sold comprised certain contracts,
equipment and goodwill which were held by Executive
Security (Wentworth) Services Limited and Executive
Security (Yorkshire) Services Limited, both subsidiaries
of the Company.
b. The contracts sold were for the provision of
security guarding services. In addition, the disposal
included office equipment, operational equipment, motor
vehicles and goodwill.
c. The net consideration receivable by the Company in
respect of the assets sold is approximately #249,000 and
is being satisfied in cash.
d. The assets disposed were carried in the subsidiary
accounts at a net book value of approximately #24,000 for
tangible assets plus goodwill estimated by the directors
of #147,000.
e. The assets disposed were loss making.
f. The disposal is consistent with Screen's strategy of
focusing on its core activities.
g. The proceeds of the disposal will be utilised as
general working capital by the Company.
h. The board of the Company considers that the disposal
will further improve Screen's cash resources and will
release management time to concentrate on developing
Screen's existing businesses.
END
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