Business
Update on Return of funds to Shareholders
Update on Return of funds to Shareholders.
About this update from Avingtrans Plc
[{"type":"text","content":"\n \nRNS Number : 7239C Avingtrans PLC 30 June 2016 \n\n30 June 2016\nAvingtrans Plc\n(\"Avingtrans\" or the \"Company\" or the \"Group\")\n \nUpdate on Return of funds to Shareholders following disposal of Aerospace Division \n \nAvingtrans (AIM:AVG), a manufacturer of critical components and associated services to the global energy and medical sectors, is pleased to provide an update to shareholders on the proposals for the return of capital to shareholders following the disposal of the Aerospace Division.\n \nAs the Company announced on 27 May 2016, following the disposal of the Aerospace Division, the Company had net cash in excess of £47 million. The Board is now pleased to announce that it intends to return almost £28 million to shareholders by way of a Tender Offer (\"the Offer\"), representing 100p for each ordinary share in issue. The Company currently has 27,754,564 ordinary shares in issue. \n \nThe Board expects to announce its final results for the year ended 31 May 2016 during September 2016 and at the same time post a circular to shareholders setting out further terms of the Offer, and also seeking the necessary shareholder approvals. \n \nThe balance of the net proceeds will be used to pursue the Groups new strategy to invest in the Energy and Medical markets served by its Metalcraft and Maloney Metalcraft businesses, and more specifically to strengthen Metalcraft's position in the nuclear sector and to pursue other related opportunities in the engineering sector.\n \nSteve McQuillan, Chief Executive Officer of Avingtrans plc, commented \"I am pleased to be able to provide more detail on the return of substantial value to shareholders while also reiterating our intention to make additional investment and acquisitions in the Energy and Medical businesses. The Board believes there are several exciting prospects which have the potential to deliver significant further value for shareholders.\"\n \n \nEnquiries:\n \n\n\n\n\nAvingtrans plc\nSteve McQuillan, Chief Executive Officer\nStephen King, Chief Financial Officer\n \n\n\nTel: 01159 499 020\n\n\n\n\nNumis \nRichard Thomas (Corporate Finance and Nominated Adviser)\nTom Ballard (Corporate Broking)\n \n\n\nTel: 0207 260 1000\n\n\n\n\nNewgate (Financial PR)\nAdam Lloyd\nEd Treadwell\n\n\nTel: 020...