REG - Coral Products PLC - Completion of sale of property

Coral ProductsAnnouncement

22/11/2021 07:05

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RNS Number : 0304T  Coral Products PLC  22 November 2021

CORAL PRODUCTS PLC

 

('Coral' or the 'Company' or the 'Group')

 

Completion of sale of property

 

Coral Products plc, a specialist in the design, manufacture and supply of
plastic products based in Wythenshawe, Manchester, is pleased to announce the
completion on 19 November 2021 for the sale of the Company's freehold premises
at North Florida Road Haydock, Merseyside to Glenbrook CP Limited for
approximately £3.5 million, as previously announced on 5 May 2021.

The net proceeds of £3.5 million have now been received, and will be used to
support organic growth whilst allowing the Company to seek acquisitions to
augment its existing activities and reward shareholders for their long term
support.

The profit on the sale of approximately £900,000 will be accounted for in our
full year results to 30 April 2022.

The Company will report free cash and cash equivalents as at 31 October 2021,
in its interims results, of approximately £5.5 million, this is before the
property proceeds.

ENQUIRIES:

Coral Products plc

Joe Grimmond, Executive
Chairman
 
 Tel: 07703 518148

WH Ireland, Nominated Adviser and
Broker
           Tel: 020 7220 1666

Adrian Hadden

Darshan Patel

Megan Liddell

Capital Markets Consultants
Limited
Tel: 07515 587184

Richard
Pearson

 

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