Business
Placing of New Ordinary Shares Sale of Properties
Placing of New Ordinary Shares Sale of Properties.
About this update from Active Energy Group Plc
[{"type":"text","content":"\n Buckland Investments PLC\n25 November 1999\n\n\n Placing of new ordinary shares\n Sale of properties\n\nBuckland has placed 3,000,000 new ordinary shares at a price of 10p each to\nraise £300,000 of new capital (before expenses). Application will be made for\nthe new ordinary shares to be admitted to trading on AIM and it is expected that\ndealings will commence on 30th November 1999.\n\nThe proceeds of the placing will be used to acquire the 20% minority interest in\nConnectic Metallo SA currently owned by present and former managers of that\ncompany and the 10% minority interest in Euro Asia Connectors Co Ltd currently\nowned by our Thai partner in that business. The total consideration for these\npurchases will be about £ 210,000. The balance of the funds raised will be used\nto provide additional working capital, in particular for the setting up in\nThailand of metal treatment operations. Following the acquisition of these\nminority interests, Buckland will own 100% of all its subsidiaries.\n\nConnectic Metallo SA has exchanged contracts for the sale of its freehold site\nat Vitry sur Seine, near Paris, for a total consideration of French francs 2.40\nmillion (£240,000 approx.). The sale, which is conditional on planning\nconsents, is in two phases. The sale of land and buildings which are no longer\nutilised by Connectic is due to be completed no later than 26th February 2000\nfor a consideration of FFr 1.00m. The sale of the rest of the site, which\ncomprises manufacturing and office facilities currently in use, is due to be\ncompleted by 30th July 2000 for a consideration of FFr 1.40m.\n\nThe sale of this site ( for a sum in excess of book value ) will represent the \nlast step in the completion of the process of transferring all Connectics\nmanufacturing activities to Thailand. As already advised to shareholders, the\ntransfer of the stamping operations from Vitry will commence in January and will\nbe completed in time for the factory to be vacated by the end of next July.\nConnectic's remaining operations in France (commercial, design and development,\nfinance and administration) will be relocated to smaller, leasehold premises.\nThe transfer of all manufacturing operations to Thailand and the relocation of\nthe remaining functions is expected to result in a significant reduction in\nConnectic's manufacturing and ope...