Operational Cost Update and Potential Acquisition

RNS Number : 5629I

Strat Aero PLC

22 March 2018

 

Strat Aero plc / Index: AIM / TIDM: AERO / Sector: Support Services

Strat Aero plc

Operational Update on Costs and Potential Acquisition

Strat Aero is pleased to provide shareholders with an operational update.

The Board has made considerable and rapid progress on reducing costs whilst continuing to enhance the performance and prospects of Geocurve, its main operating business. Board and corporate costs are both now materially reduced with the training division and the US operations now closed.

Our wholly owned subsidiary Geocurve has now commenced its initial innovative technology-based 3D and Virtual Reality survey service for the Environment Agency's Thames Estuary Asset Management 2100 (TEAM2100) programme and is in dialogue with other potential customers for similar services.

In pursuit of the strategy outlined in December, Strat Aero is in advanced discussions in relation to the acquisition of a substantial minority stake in a complementary innovative technology business with strong prospects for growth .  If the transaction is concluded the purchase consideration will be met from current cash resources. Whilst the parties are very hopeful of reaching a definitive agreement in the near future, there can be no certainty that these discussions will conclude satisfactorily until the final documents are signed. Further announcements will be made in due course as appropriate.

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement may have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

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For further information please visit www.strat-aero.com or contact:

Strat Aero plc	Tel: [phone]
Trevor Brown (Director)
SP Angel Corporate Finance LLP	Tel: [phone]
Nominated Adviser and Joint Broker
Stuart Gledhill Jeff Keating Caroline Rowe
Peterhouse Corporate Finance	Tel: [phone]
Joint Broker
Lucy Williams Fungai Ndoro

 

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