Vp PLC
26 November 2002
Vp plc ('Vp' or the 'Company')
Sale of Airpac Onshore assets
The Directors of Vp announce the sale of substantially all of the hire fleet of
Vp's Airpac Onshore division to Rentair Limited for a consideration of £1.47
million in cash.
The Airpac Onshore hire fleet comprises high pressure compressed air units and
ancillary assets.
We announced in the Interim Report for the six months ended 30 September 2002
that the Company had taken the opportunity to reduce fleet capacity in the
Airpac Onshore activity as opportunities had presented themselves. This
transaction continues that strategy.
The disposal of these assets does not affect the Airpac Offshore business which
is a core element of Vp's investment in specialist rental activities and one in
which we hold a strong market position. The Airpac Offshore business will be
renamed Airpac Oilfield Services to reflect more accurately its exposure to the
global oil and gas exploration market.
The proceeds from the sale will provide further funds for the development of the
Company's core activities.
END
Enquiries :
Jeremy Pilkington, Chairman & Chief Executive
Neil Stothard, Group Finance Director
Vp plc
Telephone : 01423 533400
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