Business
Disposal of Hunting Energy Fr
Disposal of Hunting Energy Fr.
About this update from Hunting Plc
[{"type":"text","content":"\n RNS Number : 5698E Hunting PLC 22 December 2009 \n \n\n\n\n\n For Immediate Release\n\n\n22 December 2009\n\n\n\n\n\n\n\n\n\n\nHunting PLC\n\n(\"Hunting\" or \"the Company\")\n\nDisposal of Hunting Energy France\n\nHunting PLC (LSE:HTG), the international energy services company today announces the disposal of its Hunting Energy France operations (\"HEF\") to FINERGY, a new company established by a group of French investors, including two directors of HEF, to acquire the business. The total consideration is £11.0m, of which £8.8m will be paid on completion with the balance of £2.2m to be deferred and paid in the form of bonds earning interest at an annual rate of 8%. The bonds are redeemable on 31 December 2017 however may be repaid earlier at the discretion of FINERGY.\n\nThe book value of the gross assets and net assets of HEF as at 30 June 2009 were approximately £22.4m and £16.2m respectively. HEF declared and paid a £5.6m dividend to Hunting on 31 July 2009 which together with trading results in the year to date reduces net assets to approximately £11.0m at the end of November 2009. For the year ended 31 December 2008, the business generated a profit before taxation of £2.5m.\n\nAfter the release of historic foreign exchange translation gains to the income statement, Hunting expects to recognise a gain of approximately £3.0m on the disposal of HEF.\n\nCommenting on the disposal, Dennis Proctor Chief Executive Officer of Hunting said:\n\n\"The disposal of Hunting Energy France has been anticipated for some time. This transaction represents a further step by Hunting to focus the group on its core upstream energy services activities, where we intend reinvesting the proceeds.\"\n\nFor further information please contact:\n\n\n\n\n\nHunting PLC\nDennis Proctor, Chief Executive\nPeter Rose, Finance Director\n\n\n\nTel: 020 7321 0123\n\n\n\n\nBuchanan Communications\nBen Willey\nRichard Darby\n\n\nTel: 020 7466 5000\n\n\n\n\n\nNotes to Editors:\n\nAbout Hunting PLC\n\nHunting PLC is an international energy services provider to the world'...