24th Nov 2015 11:54
LONDON (Alliance News) - Silicon wafer reclaim services provider Pure Wafer PLC on Tuesday said it has agreed a deal to sell its operating subsidiary and intends to cancel its AIM listing.
The company said it has agreed to sell its Pure Wafer Inc business for USD16.0 million, a move that will represent a fundamental change to its business model and which will leave it classified as an investing company under AIM rules.
Howver, the company said it actually intends to liquidate itself, after which its AIM listing will be cancelled.
Pure Wafer has had a difficult time since the end of December 2014, when a fire broke out at its facility in Swansea. The company eventually decided not to reinstate the Swansea facility and instead said it would distribute the insurance proceeds from the incident to shareholders.
The company intends to hold a meeting on the plans on December 10.
Shares in Pure Wafer were down 2.3% to 169.00 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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