REG - CEPS PLC - Vale Brothers - associate company corporate update

CepsAnnouncement

27/09/2023 16:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230927:nRSa8826Na&default-theme=true

RNS Number : 8826N  CEPS PLC  27 September 2023

 

27 September 2023

 

CEPS PLC

('CEPS' OR THE 'COMPANY')

 

Notice of Intention to appoint Administrator filed by Vale Brothers Limited

 

The Board of CEPS announces that it has been informed that Vale Brothers
Limited ("Vale"), a subsidiary of CEPS's associate company Vale Brothers Group
Limited ("Vale Group"), has filed a Notice of Intention to Appoint
Administrators, in order to protect the business in conjunction with engaging
advisors to explore a sale of the company, its business and assets.

 

As mentioned in the Company's interim results on 5 September, Vale Brothers
had continued to struggle, in common with its competitors, as demand for its
products has been very weak.  It has taken the decision to seek a sale as the
shareholders were not prepared to inject further money into the business.

 

As announced on 18 December 2020, CEPS' subsidiary, Davies Odell Limited
("Davies Odell"), merged with Vale which was achieved by the incorporation of
Vale Group which acquired 100% of each of Davies Odell and Vale.  CEPS owns
33% of the issued share capital of Vale Group.

 

This announcement contains inside information for the purposes of Article 7 of
EU Regulation 596/2014 (which forms part of domestic UK law pursuant to the
European Union (Withdrawal) Act 2018).

 

The directors of the Company accept responsibility for the content of this
announcement.

 

 

 

 

Enquiries

 

 CEPS PLC

 Vivien Langford, Group Finance Director          +44 1225 483030

 Cairn Financial Advisers LLP

 James Caithie / Sandy Jamieson / Emily Staples   +44 20 7213 0880

 

Caution regarding forward looking statements

Certain statements in this announcement, are, or may be deemed to be, forward
looking statements. Forward looking statements are identified by their use of
terms and phrases such as ''believe'', ''could'', "should" ''envisage'',
''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect",
''will'' or the negative of those, variations or comparable expressions,
including references to assumptions. These forward-looking statements are not
based on historical facts but rather on the Directors' current expectations
and assumptions regarding the Company's future growth, results of operations,
performance, future capital and other expenditures (including the amount,
nature and sources of funding thereof), competitive advantages, business
prospects and opportunities. Such forward looking statements reflect the
Directors' current beliefs and assumptions and are based on information
currently available to the Directors.

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCPPUQCBUPWGCM