15th Aug 2019 12:08
(Alliance News) - Promotional products maker Altitude Group PLC said Thursday it was considering the sale of its AdProducts.com Ltd unit following an unsolicited takeover approach.
The AIM-listed firm said it received an "unsolicited" approach for its Manchester-based AdProducts.com promotional products business.
In response, Altitude explained that "in recognition of the value potential of the US business and our increasing focus of management resources on AIMastermind in the US, the board has decided to explore the potential divestment of ADP."
"We have a clear focus on providing incredible services to our preferred supplier partners and members on the AIMastermind platform, and subsequently growing our US business substantially," Altitude Chair Nikki Stella said.
"We therefore, following the receipt of the unsolicited approach for ADP, made the decision for the UK management team to explore the approach," Stella added. "Sale proceeds generated will be allocated to, and invested in, US growth."
A further update will be provided as part of its trading update expected on September 5.
Altitude also announced Non-Executive Director Gellan Watt will stand down from the firm at the end of August in order to "focus on his other commitments."
In light of its increasing US focus, Altitude intends to hire a replacement with US experience.
Shares in Altitude were 0.5% lower at 100.00 pence in London on Thursday.
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