3rd Jul 2015 07:14
LONDON (Alliance News) - Pure Wafer PLC on Friday said it has concluded the consultation period with staff at its facility in Swansea after deciding to push ahead with plans to return capital to shareholders rather than reopen the facility.
The company, which provides silicon wafer reclaim services to semiconductor companies, recently received an insurance settlement related to the fire at its Swansea facility in December and said it planned to return the money to shareholders.
It confirmed those plans on Friday, saying that all of the surplus funds will be returned to shareholders after all liabilities are settled.
Pure Wafer said it will make a further announcement when it has further progressed negotiations with suppliers and creditors affecting the Swansea facility and can provide more guidance on the expected amount that will be distributed to shareholders. One of the issues to be resolved is the 99 year lease of land at the Swansea premises which is not due to expire until 2099, it added.
The company added its Prescott facility in Arizona is continuing to operate successfully and is not affected by the Swansea proposal.
Shares in Pure Wafer were down 1% to 122.8001 pence on Friday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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