2nd Dec 2005 10:07
Yule Catto & Co PLC02 December 2005 Yule Catto & Co plc("Yule Catto" or "the Company") Sale of Autoclenz Limited Further to the announcement made on 31 October 2005, Yule Catto exchangedyesterday conditional contracts with Autoclenz Holdings plc for the sale of theentire issued share capital of Autoclenz Limited for a consideration of £18million to be paid in cash on completion. The sale is conditional on the admission of the shares in Autoclenz Holdings plcto trading on AIM which is expected to occur on 7 December 2005. The proceeds of the sale received by Yule Catto will be used to reduce theCompany's borrowings. Autoclenz Limited carries out car valeting and vehicle preparation and in thetwelve months to 31 December 2004 had an operating profit of £1.87 million andgross assets of £5.5 million. Following admission to AIM Grahame Rummery andTrevor Clingo, currently the managing director and finance director respectivelyof Autoclenz Limited, will become chief executive and finance director ofAutoclenz Holdings plc. This sale is in line with Yule Catto's corporate strategy, as referred to in itsinterim results on 8 September, of reshaping its performance chemicalsactivities. 2 December 2005 ENQUIRIES: YULE CATTO Tel: 01279 442791Sean Cummins, Finance Director COLLEGE HILL Tel: 020 7457 2020Gareth David This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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