Business
Share purchase/Trading Update
Share purchase/Trading Update.
About this update from Michelmersh Brick Holdings Plc
[{"type":"text","content":"\n Michelmersh Brick Holdings PLC\n03 July 2007\n\n Michelmersh Brick Holdings plc\n\n ('Michelmersh' or 'the Company')\n\n\n Increased stake in Baggeridge Brick Plc\n Trading Update\n\nThe Board of Michelmersh announces that it has today acquired 809,000 ordinary\nshares in Baggeridge Brick PLC ('Baggeridge'). Following this transaction\nMichelmersh holds 10,356,869 ordinary shares in Baggeridge representing 25.1 per\ncent of the issued share capital of Baggeridge. This will strengthen the\nCompany's options with regard to this strategic stake.\n\nConsideration for the Baggeridge shares is to be satisfied by way of the issue\nof 1,998,230 Michelmersh new ordinary shares (the 'New Shares') to the vendors.\nThe New Shares are expected to be admitted to trading on AIM on 6 July 2007.\n\n\nOn 3 May 2007 Michelmersh reported that sales for the first four months of the\nyear were 17% ahead of the same period in 2006 and the Company was seeing strong\ndemand for its products across all the group companies. The Board is pleased to\nannounce that sales in the six months to 30 June 2007 continue to show similar\nimprovement over the first half of 2006. The Company has also enjoyed the\nbenefit of energy costs having stabilised at significantly lower levels than\nlast year and from improved production efficiencies, particularly at the\nBlockleys and Michelmersh works. The Board anticipates that underlying\noperating profit for the six months to 30 June 2007 will be significantly higher\nthan the comparable period in 2006 and will be ahead of budget for the period.\n\n\n\nThe Company is also pleased to announce that planning consent was granted last\nweek for the application to extract clay on the eight acres of land held under\noption at the Company's Michelmersh plant. This will secure the clay necessary\nfor production at this plant for the foreseeable future.\n\n\n\n\n\nEnquiries:\n\nMichelmersh Brick Holdings plc\nEric Gadsden 01494 758 055\nMartin Warner 01442 870 227\n\nCharles Stanley Securities 020 7149 6000\nRussell Cook\nAnthony Noakes\n\nTavistock Communications 020 7920 3150\nJeremy Carey\nRichard Sunderland\n\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange \n ","length":2568,"tagName":"div"}]