REG - Coral Products PLC - Completion of Property Sale and Directorate Change

Coral ProductsAnnouncement

17/02/2025 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250217:nRSQ2511Xa&default-theme=true

RNS Number : 2511X  Coral Products PLC  17 February 2025

Coral Products Plc

 

("Coral", the "Company" or the "Group")

 

Completion of Property Sale and Directorate Change

 

Coral Products plc, a group of specialist businesses in the design, UK
manufacture and omni-channel supply of a wide range of bespoke plastic
products based in Wythenshawe, Manchester, announces that, further to the
announcement of 7 January 2025, it completed the Sale and Leaseback of two
freehold properties (North and South buildings, Haydock Industrial Estate,
Haydock WA11 9UB) on 14 February 2025.

 

The gross proceeds of £1.7 million will be utilised in repaying the
outstanding mortgages of £750,000, materially reducing the Group's debt, with
the net proceeds of £950,000 further strengthening the working capital
position and improving the Company's balance sheet.

 

Directorate Change

 

The Group also announces that, further to the announcement of 4 December 2024
and following the completion of the relevant compliance checks, Mr Paul Rice
has been appointed to the Board of the Company as Group Finance Director with
immediate effect.

 

Pursuant to Rule 17 and Schedule 2(g) of the AIM Rules for Companies, the
following information is disclosed in respect of Paul Nigel Rice (aged 37):

 

Paul does not have any current or previous directorships held in the past five
years.

 

Paul Rice does not hold any ordinary shares, options or warrants over new
ordinary shares in the Company.

 

There is no further information regarding Paul Rice required to be disclosed
under the AIM Rules.

 

Capitalised terms used in this announcement, unless otherwise defined, shall
have the meanings given to them in the announcement on 7 January 2025.

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the
European Union (Withdrawal) Act 2018 ("UK MAR"). The Directors of the Company
take responsibility for this announcement.

 

For further information, please contact:

 Enquiries:                             www.coralproducts.com   Tel:

 Coral Products plc                     Non-Executive Chairman  07703 518 148

 Joe Grimmond

 Cairn Financial Advisers LLP           NOMAD and Broker        020 7213 0880

 Sandy Jamieson / Ludovico Lazzaretti

 

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  FURGPUBPPUPAGMC