Director's Share Purchase

RNS Number : 1709D

Coral Products PLC

17 March 2011

 

Coral Products PLC ("Coral" or "the Company")

Director's Share Purchase

17 March 2011 

The Company announces that Joe Grimmond, a non executive director, has purchased 2,500,000 shares in the Company at a price of 10p each.

The shares were purchased from Peter Gyllenhammer, previously the Company's largest shareholder. Mr Gyllenhammer remains a supportive shareholder and retains a holding of 17.3%. Joe Grimmond and family interests now hold 3,161,670 shares representing 15.7%.

It was announced on 8 March that Joe Grimmond had joined the board of Coral and will be assisting the Company in examining its strategy, with a view to expanding into associated areas of the existing business in order to develop a more broadly based manufacturing group.

An important element of this strategy will involve the search for suitable acquisitions as well as organic growth.

      Geoffrey Piper, Coral Chairman, commented: "We are pleased that Joe, through this share purchase, is demonstrating support for the board's strategy of broadening the Company's base and diversification into new product areas. Coral is profitable at the EBITDA level, strongly cash generative and relatively ungeared. The Company is well positioned to take advantage of opportunities over the coming months." 

      Enquiries

      Coral Products PLC    Tel [phone]

      Warren Ferster, Chief Executive

      Joe Grimmond, Non Executive Director 07703 518148

Note to Editor

       Coral Products PLC is a manufacturer of strong and light injection moulded plastic products. It was floated on the London Stock Exchange in 1995.

       Richard Pearson

       Bankside Consultants

       Tel    [phone]

       D/L    020 7367 8874

       Mob    [phone]

 

END

 

 

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