Business
Sale and leaseback agreement
Sale and leaseback agreement.
About this update from Uk Oil & Gas Plc
[{"type":"text","content":"\n RNS Number : 2452T Sarantel Group PLC 03 June 2009 \n \n\n\n3 June 2009\n\nSarantel Group PLC\n('Sarantel' or the 'Company')\n\nSale and leaseback agreement with Close Leasing\nLimited realises £311,000 net \n\nSarantel (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, a subsidiary of Close Brothers Group plc, for a total value of £600,000, which will realise net proceeds of £311,000. The previous sale and leaseback agreement announced on 7 July 2008 has been cancelled, and the capital outstanding under that agreement repaid. \n\nAt the end of March 2009 and excluding the proceeds of this transaction, Sarantel had cash balances of £2.2 million. The principal terms of the finance lease are a 36 month term at a monthly rental of approximately £20,000.\n\nThe Company has also separately today, published its interim results for the six months to 31 March 2009 today. \n\n\n\n\n\n\nSarantel\n\n\n01933 670 560 \n\n\n\n\nDavid Wither, Chief Executive Officer\n\n\n\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, a subsidiary of Merchant Securities Plc\n\n\n\n\n\n\n\nJohn East/Simon Clements\n\n\n020 7628 2200\n\n\n\n\n\n\n\n\n\n\n\n\nCollege Hill\n\n\n\n\n\n\n\nAdrian Duffield/Rozi Morris\n\n\n020 7457 2020 \n\n\n\n\n\n\nNotes to Editors:\n\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 performance over existing antenna designs, resulting in a clearer signal, better range and a 90 per cent reduction in the amount of signal radiation absorbed by the body.\nBecause of their smaller size and higher capabilities, Sarantel's antennas enable manufacturers to create innovative high-volume consumer products incorporating technologie...