31st Mar 2014 13:55
Armour Group plc ("Armour" or the "Group")
Completion of Disposal
Repayment of Loan
Armour Group plc announces that it has completed today the disposal of its automotive division, including the Nordic subsidiaries, to AAMP of America. The disposal is on a cash free debt free basis for a consideration of £10.9 million payable in cash at completion.
The consideration of £10.9 million represents a multiple of 7.3 times the earnings before interest and tax for the year ended 31 August 2013 for the automotive division and will generate a profit on sale of approximately £3.0 million. After costs and repaying the Group's outstanding net debt, the Group will have a net cash position of approximately £3.0 million.
The Group has also repaid today in full to Hawk Investment Holdings Limited the £2.0m loan advanced to the Group in August 2013.
Further Details:
Armour Group plc George Dexter, Chief Executive John Harris, Finance Director | Tel: 01892 502700 |
finnCap Limited Geoff Nash Ben Thompson Stephen Norcross (Broking) | Tel: 0207 220 0500 |
Newgate Threadneedle Graham Herring Robyn McConnachie | Tel: 0207 653 9850 |
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