Disposal: AWG Plc sells its Powermarque business
December 23 2003 - 2:12AM
UK Regulatory
23 December 2003
AWG Plc sells its Powermarque business
AWG Plc announces the sale of its vehicle leasing business, Powermarque
Limited, to Venson Holdings Limited, a subsidiary of Venson Group plc, a
vehicle outsourcing company. AWG will receive �34.5 million in cash, and the
pro-forma impact of this disposal will be a reduction of �18.9 million in AWG's
group net debt as at 30 September 2003.
Powermarque had net cash, before intercompany loans, of �15.6 million at 30
September 2003.
For the financial year ended 31 March 2003, Powermarque made a loss after tax
of �1.0 million.
Ends
Contact:
Adrian Smith, head of communications, 01480 323017
Anthony Cardew, Cardew Chancery, 0207 930 0777
END