Disposal
February 18 2003 - 4:30AM
UK Regulatory
RNS Number:6223H
Radamec Group PLC
18 February 2003
RADAMEC SELLS BROADCAST TV BUSINESS
Radamec Group PLC, which designs, manufactures and sells Electro Optical Control
Systems for the Defence and Television markets and Marine and Environmental
Control Systems, announces that it has today sold Radamec Broadcast Systems
Limited (RBS) and the net assets of its US subsidiary Radamec Incorporated
(Inc:) to The Vitec Group plc. The consideration for the purchase of Inc: and
the shares of RBS was a cash sum of #4.65 million paid on Completion. Pre-tax
profits for 2001, the last audited year's accounts, were #574,000 and combined
net assets of RBS and Inc: adjusted for cash and intercompany debt were
#2,355,000. RBS's Studio Robotic Camera Control and Virtual Reality Systems
complement Vitec's wide range of automated TV studio systems.
Len Whittaker, Chairman & Chief Executive, stated that "the deal results in a
substantial capital gain and significant cash balance for Radamec and follows
the #4.6m sale in July 2002 of its freehold Thames-side factory site at
Chertsey. Minimal tax is payable and the proceeds will assist the Board's
forward planning and its consideration of an appropriate Group capital structure".
Enquiries:
Radamec Group PLC 01932-561181
Len Whittaker (Chairman & Chief Executive)
Lionel Moore (Finance Director)
Bankside Consultants Limited
Charles Ponsonby 020-7444 4166
This information is provided by RNS
The company news service from the London Stock Exchange
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