Business
Re: Agreement
Re: Agreement.
About this update from Uk Oil & Gas Plc
[{"type":"text","content":"\n RNS Number : 7322Y Sarantel Group PLC 10 July 2008 \n \n10 July 2008\n\n\nSarantel Group PLC\n ('Sarantel' or the 'Company')\n\nSale and Leaseback Agreement\n\nSarantel Group PLC (AIM: SLG), the leading manufacturer of revolutionary filtering antennas for mobile and wireless devices, has completed the sale and leaseback of its fixed assets comprising all plant and machinery, test and computer equipment to Close Leasing Limited ('Close Leasing'), a subsidiary of Close Brothers Group plc for £500,000. The proceeds will be used to provide additional working capital for the Company.\n\nThe principal terms of the finance lease are a 24 month term at a monthly rental of approximately £24,000. \n\nAt the end of June 2008 and excluding the proceeds of this transaction, Sarantel had cash balances of £3.3 million equivalent to 1.7 pence per share. This cash balance includes £3.1 million net of costs received from the placings announced on 31 March and 7 April 2008.\n\nSitkow Yeung, Finance Director, Sarantel Group PLC said:\n\n'This agreement with Close Leasing strengthens our balance sheet and provides increased financial flexibility. The proceeds from this transaction, together with sound financial management and a significantly reduced cost base, will assist the Company in achieving one of its primary business objectives which is to attain a cash neutral monthly trading position.'\n\n\n\n\n\nSarantel \n\n\n\n\n\n\n\nDavid Wither, Chief Executive Officer\n\n\n01933 670 560\n\n\n\n\nSitkow Yeung, Finance Director\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nJohn East & Partners Limited\n\n\n020 7628 2200\n\n\n\n\nJohn East/Simon Clements\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nCollege Hill\n\n\n020 7457 2020\n\n\n\n\nAdrian Duffield/ Kate Norton\n\n\n\n\n\n\n\n\n\nNotes to Editors:\nAbout Sarantel (www.sarantel.com)\n\nSarantel is a leader in the design of high-performance miniature antennas for portable wireless applications including hand-held navigation, satellite radio and laptop computers. \n\nSarantel's revolutionary ceramic filtering antennas offer dramatically improved perf...