Ross Group PLC
18 July 2000
ROSS GROUP PLC
DISPOSAL OF SUBSIDIARY
Ross Group PLC ('the Company') has been reviewing its non-
core activities and on 13 July 2000 agreed to dispose of its
subsidiary Foray Control Systems Limited ('Foray') to
Huntley Malet Group Limited for a total consideration of
£120,000. £100,000 of the consideration is payable now in
cash and the remaining £20,000 is deferred until 1 July 2000
and thereafter paid in monthly instalments of £5,000 per
month ('the Disposal'). Foray designs and manufactures
electronic control systems for use in domestic and
industrial applications. In the twelve months to 31 December
1998, the last year for which audited accounts are
available, Foray made a pre-tax loss of approximately
£333,000 and ended the year with a negative shareholder
value of £493,000. The existing directors of Foray all
resigned on completion of the Disposal.
The net proceeds from the Disposal will be used to reduce
the bank debt of the Company and provide working capital and
the Directors of the Company believe that the Disposal is in
the best interests of the Company and its shareholders.
Enquiries:
Paul Binney Ross Group PLC 020 8581 9194
Tim Redfern Beeson Gregory 020 7488 4040
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