Update on Disposal

RNS Number : 7589H

Chemring Group PLC

21 May 2014

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN OR INTO ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION

22 May 2014

Chemring Group PLC

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

Update on the Disposal of the European Munitions Business

Chemring announces that it has now received appropriate regulatory clearance from the Italian Government in relation to the disposal of Simmel. The satisfaction of this outstanding condition, together with completion of the disposal of Mecar on 19 May 2014 means that Chemring now anticipates completion of the disposal of the European Munitions Business on or around 27 May 2014.

A further announcement will be made upon completion of the Disposal.

For further information, contact:

Chemring Group PLC		01489 881880
Mark Papworth	Chief Executive
Steve Bowers	Finance Director
Rupert Pittman	Group Director of Communications and Investor Relations
Moelis & Company (Financial Adviser to Chemring)		020 7634 3500
Liam Beere
Edward Eppler
Investec Bank plc (Sponsor and Corporate Broker to Chemring)		020 7597 4000
Keith Anderson
Christopher Baird
MHP Communications (Financial PR Adviser to Chemring)		020 3128 8100
Andrew Jaques
John Olsen
James White

Unless otherwise defined, capitalised terms used in this announcement have the same meaning as those defined in the circular to shareholders of the Company dated 24 April 2014.

This announcement has been issued by, and is the sole responsibility of, Chemring.

Moelis & Company UK LLP ("Moelis & Company"), which is authorised and regulated by the Financial Conduct Authority ("FCA"), is acting exclusively for Chemring in relation to the Disposal. Moelis & Company is not acting for any other person and Moelis & Company will not be responsible to any person other than Chemring for providing the protections afforded to clients of Moelis & Company or for providing advice in relation to the Disposal or in relation to the contents of or any transaction or arrangement referred to in this announcement.

Investec Bank plc, which is authorised by the Prudential Regulation Authority ("PRA") and regulated by the FCA and the PRA, is acting exclusively for Chemring in relation to the Disposal. Investec is not acting for any other person and Investec will not be responsible to any person other than Chemring for providing the protections afforded to clients of Investec or for providing advice in relation to the Disposal or in relation to the contents of or any transaction or arrangement referred to in this announcement.

 

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