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Disposal of Investment and Trading Update

12th Dec 2011 12:30

RNS Number : 7910T
Sagentia Group PLC
12 December 2011
 



 

 

12 December 2011

 

Sagentia Group plc

 

("Sagentia" or the "Group")

 

Disposal of Investment and Trading Update

 

At the end of 2010, the Board reviewed the carrying value of all of the Group's legacy investments. At 30 June 2011, Sagentia had just one remaining minority investment to which it attributed any value, being Sphere Medical Holdings Limited, ("Sphere") with a balance sheet carrying value of £800,000.

 

Sphere successfully completed an initial public offering onto the AIM market in November 2011 and the Board is pleased to advise that subsequent to that listing Sagentia has disposed of its entire holding in Sphere. This disposal is in accordance with the Board's defined strategy of realising its legacy investment portfolio.

 

The disposal of the Sphere shareholding realised approximately £703,000 after transaction costs and the cash balance of the Group will increase accordingly. Following this disposal, the Board now anticipate gross cash at the end of the year to exceed £20 million.

 

The disposal of the Sphere shareholding will result in a non-cash charge of approximately £97,000 in the current year. However, due to a modestly stronger than anticipated performance, the Board anticipates that profit for the year will be slightly ahead of current expectations.

 

- Ends -

 

For further information:

Sagentia Group plc

Martyn Ratcliffe, Chairman

Brent Hudson, Chief Executive

Tel: +44 (0) 1223 875 200

Neil Elton, Finance Director

www.sagentiagroup.com

 

Numis Securities Limited

Nominated Adviser: Oliver Cardigan / Simon Willis

Corporate Broking: James Serjeant

Tel: +44 (0) 20 7260 1000

 

Media enquiries:

Abchurch

Henry Harrison-Topham / Jamie Hooper

Tel: +44 (0) 20 7398 7702

[email protected]

www.abchurch-group.com

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
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