27th May 2015 06:58
LONDON (Alliance News) - Ensor Holdings PLC Wednesday said it has launched a strategic review of the company which may include the potential sale of the company and said it is in separate talks about selling the Ensor Building Products Ltd business.
Ensor said although the company is "has a secure future as an independent business", it believes selling the company will "unlock and crystallise value for shareholders".
Ensor said the review has been launched to "maximise value for shareholders" and the company has entered a formal sales process to allow the company to discuss the potential sale of the company on a confidential basis. Ensor did not state whether any discussions were currently being held or if any interested parties had made an approach.
Ensor is also holding separate talks about the sale of Ensor Building Products Ltd, which it said would allow the company to increase its focus on physical security products with strong cash flow from its packaging business.
Ensor said it made "significant progress" in all of its operating businesses over the last year, reporting a first-half operating profit increase of 98% and sales growth of 11%. Trading in the second half of the financial year has continued "in line with the board's expectations and growing order books provide optimism for trading prospects," it said.
"With this greater focus of the company's activities and stronger financial position, the board considers that now is an appropriate time and it is in the best interests of the company's shareholders to seek to sell the company by means of a formal sale process," said the company in a statement.
"Whilst the board believes that the company has a secure future as an independent business, the Board has taken this decision in order to seek to unlock and crystallise value for shareholders whilst safeguarding the interests of all stakeholders," it added.
By Joshua Warner; [email protected]; @JoshAlliance
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