Ascot PLC
3 July 2000
Ascot Plc ('Ascot')
On 31 January 2000, Ascot Plc ('Ascot') announced its decision
to concentrate the Group's future activities on the chemicals
sector and to divest of its four small engineering businesses
- Floform, WDS, Peter Stubbs and Mitchell Cotts Transmissions.
It was announced at the same time that John Grant, the then
current Chief Executive of Ascot, had expressed an interest in
pursuing a management buy-out of the four businesses and
would, following a period of garden leave, be leaving the
Group with effect from the middle of the year. John Grant's
buy-out proposal has progressed into the final round of
bidding for the engineering businesses. His resignation as a
director of Ascot took effect on 30 June 2000.