The Group has announced the transformative disposal of most of its Engineering Division for a cash consideration representing an EV of £75m to Cadre Holdings LLC, in-line with previous expectations. This excludes Chirton Engineering which is in the process of being sold separately. This results in a more focused group and importantly unlocks significant shareholder value, leaving the company with a strong net cash position. The Board intends to return up to £70m of proceeds by a tender offer. We ....
