SILVERMINES GROUP PLC
22 October 1999
DISPOSAL OF SUBSIDIARY
Silvermines Group plc ('Silvermines') is pleased to announce that it has
sold its subsidiary company Tru-lon Printed Circuits (Royston) Limited
('Tru-lon') for £0.74million in cash. The net assets being sold include
£0.4million of debt.
Tru-lon is a printed circuit board manufacturer and is a non-core part of
Silvermines' Broadcast and Division.
Tru-lon made a pre-tax profit of £0.4million for the year ended 31 December
1998, on turnover of £1.6million, and an unaudited pre-tax loss of
£0.1million in the first six months of 1999. The net assets of Tru-lon
were £1.1million at 31 December 1998 and £1.0million at 30 June 1999
(unaudited).
The disposal proceeds will be placed on deposit.
Ian Scott-Gall, Silvermines' Chief Executive, commented: 'This is the last
of our strategic disposals. The proceeds, now totalling £27.5million,
from the disposals which we have announced in recent weeks will facilitate
our expansion in due course. We will now be concentrating on the
development of the businesses within our two remaining divisions, Broadcast
and and Video Technology.'
For further information please contact:
Ian Scott-Gall
Chief Executive, Silvermines
01189 324 333
Emmanuel Kenning/Douglas Trainer
Luther Pendragon
020 7353 1500