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£5.5m cash disposal of non-core land

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10 October 2019

 

(EPIC: SRC / Market: AIM / Sector: Construction Materials)

 

SigmaRoc PLC

("SigmaRoc" or the "Company")

 

£5.5m cash disposal of non-core land

 

Highlights:

 

- Disposal of non-core land for total cash consideration of £5.5m

- Net profit on sale over historic book value of £1.5m

- Company proposes to use the cash consideration to reduce net debt.

 

SigmaRoc, the AIM quoted buy-and-build construction materials group, is pleased to announce it has disposed of a non-core plot of land for cash consideration of £5.5m. Its historical book value was £4m, resulting in a net profit on disposal of £1.5m.

 

The land holdings formed part of the group's SigmaPPG platform and the Board considered that they were no longer of strategic value to the Company. As a result of the sale, the Company's gearing ratios are expected to be significantly reduced.

 

The additional cash realised from the disposal affords the Company additional flexibility, as it evaluates its acquisition pipeline and continues to optimise its capital structure. 

 

Information on the Company is available on the Company's website, www.sigmaroc.com.

 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement via Regulatory Information Service, this inside information is now considered to be in the public domain.

 

For further information, please contact:

 

SigmaRoc plc

Max Vermorken

ir@sigmaroc.com

Tel: +44 (0) 207 002 1080

Strand Hanson Limited (Nominated and Financial Adviser)

James Spinney / James Dance / Jack Botros

 

Tel: +44(0) 207 409 3494

Liberum Capital (Broker)

Neil Patel / Jamie Richards / Jonathan Wilkes-Green / William Hall

 

Tel: +44 (0) 203 100 2000

Media

Ben Feder

Tel: +44 (0) 207 002 1080