REG - Eleco PLC - Disposal

ElecoAnnouncement

20/02/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230220:nRST3477Qa&default-theme=true

RNS Number : 3477Q  Eleco PLC  20 February 2023

RNS

20th February 2023

Eleco Plc

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

 

Sale of CAD business, Arcon

 

Sale of Architectural CAD business reinforces core strategic focus

 

The Board of Eleco Plc (AIM: ELCO), the AIM-listed construction and building
software specialist, is pleased to announce the sale of its wholly owned
subsidiary Eleco Software GmbH, the German Arcon architectural CAD business
("Arcon"), to FirstInVision GesmbH, an Austrian architectural software
business, for a total consideration of €600,000.

 

The transaction supports the Group's strategy to focus on its core customer
segments and businesses.

 

The €600,000 consideration is to be satisfied in cash, with €550,000
immediately payable on completion, and €25,000 in two deferred instalments
(without performance conditions attached) over the next two years.

 

Jonathan Hunter, Eleco's CEO, commented:

 

"This transaction reinforces our strategy to focus on our core businesses as
we successfully transition these businesses on the SaaS journey; it brings
greater certainty for the Arcon business, staff and customers going forward;
and, also frees up valuable management time for application to other parts of
the business and acquisitions."

 

 

Enquiries:

 Eleco plc                                                    +44 (0)20 7422 8000
 Jonathan Hunter, Chief Executive Officer
 Neil Pritchard, Chief Financial Officer

 finnCap Ltd                                                  +44 (0)20 7220 0500
 Geoff Nash/ Emily Watts/Seamus Fricker (Corporate Finance)
 Charlotte Sutcliffe / Harriet Ward (Equity Capital Markets)

 SEC Newgate UK                                               +44 (0)20 3757 6882
 Elisabeth Cowell/Bob Huxford                                 eleco@secnewgate.co.uk (mailto:eleco@secnewgate.co.uk)

 

About Eleco plc

Eleco plc is a London Stock Exchange AIM-listed (AIM: ELCO) specialist
international provider of software and related services to the Architectural,
Engineering, Construction and Owner/Operator (AECO) industries and interior
furnishing industries from centres of excellence in the UK, Sweden, Germany,
Netherlands and the US.

 

The Company's market-leading Elecosoft software solutions are developed by
teams in the United Kingdom, Sweden and Germany, and its solutions cover
project management, estimating, timber engineering, CAD and visualisation,
asset and facility management and cloud-based digital marketing solutions.
For further information please visit www.eleco.com
(http://www.elecosoft.com/) .

 

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  DISGZGMZNNVGFZM