Business
Approval for Xennia sale of C
Approval for Xennia sale of C.
About this update from Carclo Plc
[{"type":"text","content":"\n RNS Number : 9956A Carclo plc 08 August 2008 \n \n\n\n\nFor immediate release \n8 August 2008\n\nCarclo plc\n('Carclo')\n\nApproval for Xennia sale of Carclo shares and disposal of shares by the Carclo Employee Trust Limited\n\nOn 1 October 2007 Carclo announced the acquisition of the minority 25.6% stake in Conductive Inkjet Technology Limited ('CIT') owned by Xennia Technology Limited ('Xennia'), increasing its equity investment in CIT to 100%. The acquisition was partly in the form of 869,565 new Carclo shares which were subject to lock-up arrangements for one year such that any sale of these shares requires Carclo's consent.\n\nCarclo has now consented to the sale of all of these shares and this holding was sold today at 80 pence per share.\n\nIn addition, the board has authorised the sale of 500,000 Carclo shares which were held by the Carclo Employee Trust Limited. These shares, which were surplus to the requirements of the trust, were also sold today at 80 pence per share generating funds of £400,000, before costs, and which will be used to reduce group debt.\n\nEnds\n\nWeber Shandwick Financial 020 7067 0700\nRichard Hews/James White\n\nNotes to Editors\n\nAbout Carclo (LSE: CAR)\n\n\n\nCarclo plc is a global supplier of technical plastic components. It is a public company whose shares are quoted on the London Stock Exchange.\n\n\n\n\n75% of sales are derived from the supply of fine tolerance, injection moulded plastic components, which are used in medical, automotive, telecom and electronics products. This business, Carclo Technical Plastics, operates internationally in a fast growing and dynamic mar...