IN BRIEF: PipeHawk shares jump as banks GBP1 million from Utsi sale
PipeHawk PLC - Cinderford, England-based engineering solutions for utilities, government and rail industries - Enters into a binding conditional agreement to sell its Utsi Electronics Ltd subsidiary to Hong Kong-based Leidi Global Supply Ltd for GBP1.0 million in cash. PipeHawk has received a GBP25,000 non-refundable deposit, with the balance payable on completion and earmarked for working capital. Utsi suffered a pretax loss of GBP464,000 in the financial year that ended June 30 and had gross assets of GBP430,000. Completion is conditional on clearance under the UK National Security & Investment Act, with a long-stop date of February 28, after which PipeHawk focuses on its remaining Thomson Engineering Design Ltd and Adien Ltd businesses. Read More