Completion of Disposals and Board Changes

RNS Number : 8835Q

Coral Products PLC

02 March 2021

 

Coral Products PLC

(the "Company" or "Coral")

Completion of Disposals and Board Changes

Coral Products PLC (the "Company"), a specialist in the design, manufacture and supply of plastic products based in Wythenshawe, Manchester, announces that, further to the announcement of 11 February 2021, the disposal of Coral Product (Mouldings) Limited and Interpack Limited ("Disposals") have now been completed.

 

Board Changes

As announced on 19 January 2021, Michael Wood, CEO of the Company, has resigned from the Board pursuant to the completion of the Disposals.

 

Joseph Grimmond, formerly Non-executive Chairman, has been appointed as Executive Chairman of the Company.

 

Joe Grimmond, Chairman of Coral, commented;

 

"This sale places the Group in a strong financial position with circa £8 million of net cash and two profitable remaining businesses in Tatra Rotalac and Global One-Pak. Furthermore, the Group continues to own the freehold site at Haydock which will now generate £300,000 p.a. in rent. It is the Board's intention to conduct a review to determine the most advantageous route to deliver shareholder value and apply the proceeds from the Disposals."

 

This announcement contains inside information for the purposes of UK Market Abuse Regulation and has been arranged for release by Sharon Tinsley, Finance Director of the Company. The Directors of the Company are responsible for the release of this announcement.

For further information, please contact:

Coral Products plc Joe Grimmond, Executive Chairman	Tel: [phone]
Nominated Adviser & Broker Cairn Financial Advisers LLP Liam Murray Sandy Jamieson David Lawman (Corporate Broking)	Tel: [phone]
Capital Markets Consultants Limited Richard Pearson	Tel: [phone]

 

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