Elektron PLC
23 March 2007
FOR RELEASE 7.30 a.m. 23 March 2007
ELEKTRON PLC
Disposal of NPE- Innotek Limited
Elektron Plc (the 'Company' or 'Elektron'), the AIM traded engineered components
manufacturer, announces that it has disposed of certain assets and the business
of NPE -Innotek Limited ('NPE') for a total consideration of £180,000.
NPE
NPE operated from an 11,000 square foot facility in Neath employing 15 staff.
The Company manufactured a variety of press, mould, form and cutting tools for
industry. NPE reported sales and a loss before tax of £841,000 and £148,000
respectively in its last audited accounts to 30 September 2005. In the sixteen
months to 31 January 2007, NPE management accounts show a loss before tax of
£218,000 on sales of £1,013,000.
The assets sold comprise all of the fixed assets, stocks, goodwill, business
contracts, business information and intellectual property rights of NPE. The
purchaser has also assumed obligations under certain HP agreements. Excluded
from the sale are the creditors and book debts.
The net book value of fixed assets, as valued under Elektron accounting policies
at 1 November 2006, the date of acquisition of NPE by Elektron, was £155,000.
Stocks are currently valued at £13,000.
Consideration
The total consideration payable to NPE is £180,000. £80,000 was paid in cash on
completion and the balance of £100,000 has been satisfied by the assumption of
hire purchase liabilities.
The proceeds of the disposal will be used by the Company to reduce borrowings.
Reasons for the disposal
The disposal continues the strategy outlined in the offer document for Howle
Holdings.
For further information please contact:
Adrian Girling Christopher Leigh Michael Cornish
Executive Chairman Finance Director Beaumont Cornish Limited
Elektron Plc Elektron Plc Tel: 0207 628 3396
Tel: 0208 979 3232 Tel: 01708 336308
This information is provided by RNS
The company news service from the London Stock Exchange
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