27th Oct 2005 16:21
Arlington Group Ltd27 October 2005 Arlington Group Limited ("Arlington" "AGL" or the "Company") DISPOSAL OF WHOLLY OWNED SUBSIDIARY Arlington announces the disposal of 100% of the issued share capital of CemtronHoldings Limited ("CHL" or "Cemtron") to Cemtron Management Services Limited("CMSL"). CMSL is a company controlled by Cemtron's management. Cemtron Limited ("CL") - the operating subsidiary of CHL - is a contractelectronics manufacturer based in Scotland. CL reported audited profit aftertaxation for the year ended 31 March 2005 of £0.41 million and audited netassets of £1.12 million. The total consideration receivable by AGL is a maximum of £1.95 million of cashto be satisfied as to £1.35 million at completion, £0.20 million payable on orbefore 31 March 2006, £0.25 million payable on or before 30 September 2006 and£0.15 million payable on or before 30 September 2007. In the event that thislast sum is not paid by the due date, that sum shall be waived in considerationof the issue to Arlington of such number of fully paid ordinary shares in CMSLas represents 25 per cent of the issued share capital of that company at thedate of Completion. As part of the transaction all intercompany balances havebeen repaid. AGL will apply the sale proceeds to its continuing investment activities. 27 October 2005 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
ARL.L