10th Feb 2014 15:51
LONDON (Alliance News) - 4imprint Group PLC said Monday that it had completed the sale of its promotion product supplier business SPS to Ensco 1024 Ltd.
Ensco 1024 is controlled by the senior management of SPS. The total consideration of the sale was GBP7.3 million, of which 4imprint will recognise net proceeds of around GBP5.8 million after the costs of sale and a bonus payable to the SPS management.
4imprint said it will use the proceeds from the sale for general corporate purposes, including risk reduction exercises in respect to its legacy pension scheme.
Shares in the promotional products company were trading down 1.0% at 695.00 pence Monday afternoon.
By Hana Stewart-Smith; [email protected]; @hanassallnews
Copyright © 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
4Imprint