29th May 2007 17:29
Stanelco PLC29 May 2007 Stanelco plc ("Stanelco" or the "Company") Disposal of assets Further to the announcement in the trading statement released by the Companythis morning, that it has reached agreement to dispose of certain fixed assetsand stock of its wholly-owned subsidiary, Adept Polymers Limited ("Adept"), toMonoSol AF Limited for cash consideration of £494,000, the Board of Stanelcoannounces the following additional information. Adept previously developed and manufactured a range of biodegradable plastics. As announced in the Company's preliminary results statement on 21 March 2007,Adept's manufacturing facilities were closed during the 14 month period ended 31December 2006, and the sale of assets is therefore expected to have no impact onthe ongoing business of the Company. The book value of the assets now beingsold, following a write-off related to the closure of the manufacturingfacilities, is £239,000. During the 14 months ended 31 December 2006, Adeptmade a loss before tax of £2.12 million. The sale proceeds will be used to provide additional working capital forStanelco. For further information please contact: Financial DynamicsJonathon Brill/Caroline StewartTel: 44 (0) 20 7831 3113 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Biome Tech