25th Jan 2019 12:30
Augean plc
("Augean" or "the Group")
Sale of East Kent High Temperature Incinerator
Augean, one of the UK's leading specialist waste management businesses, announced on December 12th that it was intending to mothball its East Kent High Temperature Incinerator ("the Facility") and seeking a buyer for the facility. This Board is pleased to announce that this process is now complete and the Group has sold the Facility to Wastecare Limited, an existing customer of the Group. The total consideration is £3.35m payable wholly in cash with £1.0m due immediately and £2.35m due within three months.
The Facility was loss making in 2017 and 2018. The profit on sale will be £2.5m and the sale will avoid the planned costs of closure estimated to be c. £0.6m. The profit on sale will be treated as an exceptional item.
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This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation.
Enquiries:
Augean plc Jim Meredith, Executive Chairman Mark Fryer, Group Finance Director
| 01937 844 980 |
N+1 Singer Shaun Dobson Jen Boorer
| 020 7496 3000 |
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