16th Oct 2006 09:57
Scapa Group PLC16 October 2006 Scapa Group plc - Completion of Disposal . Scapa Group plc16 October 2006 Scapa Group plc Completion of Disposal On 31 July 2006 Scapa announced that it had entered into a conditionalagreement to sell the business and assets of Megolon to AlphaGary Limited, asubsidiary of Rockwood Holdings Inc, for a total consideration of £16.75 millionin cash (before transaction costs and taxation). In view of the size of the proposed disposal relative to the Group, the sale wasconditional upon the approval of shareholders, which was received at theExtraordinary General Meeting of the Group held on 23 August 2006. The disposalwas also conditional upon receipt of various merger control clearances. All conditions have now been satisfied and consequently completion of thedisposal of Megolon took place on 13 October 2006. "Commenting on the disposal, Chief Executive Calvin O'Connor said that the saleof the Megolon business substantially improves the financial strength of theGroup and represents a major step in the development plan for Scapa." Enquiries:- Calvin O'Connor, Chief Executive; Telephone 0161 301 7430 Colin White, Finance Director; Telephone 0161 301 7430 Steve Baldwin, JP Morgan Cazenove; Telephone 0207 588 2828 Jonathan Walker, JP Morgan Cazenove; Telephone 0207 588 2828 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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