Posting of Circular
04 Giugno 2009 - 5:44PM
UK Regulatory
TIDMACER
RNS Number : 4109T
Acertec PLC
04 June 2009
4 June 2009
Acertec plc
("Acertec" or the "Group")
Posting of circular
On 26 May 2009, Acertec announced the proposed cancellation of the trading of
its shares on AIM and re-registration as a private company. Further to this, the
Company announces that a circular containing a notice of General Meeting to be
held on 22 June 2009 is being posted to the Company's shareholders today and
will be available shortly on the Company's website: www.acertec.com.
Acertec also announces that the Board has completed a review of the Company's
net asset position and has concluded that the value of the Company's net assets
is now less than half of its called up share capital.
As part of their ongoing review of the Group's continuing operations and
financial position, the Directors are required to make a judgement as to whether
it is probable that any deferred tax assets will be recoverable. Based upon the
latest forecasts, the Directors are of the view that this is not the case in
respect of the majority of the Company's deferred tax assets and, accordingly,
such assets will be de-recognised. The Company was also carrying goodwill of
GBP3.4 million at 31 December 2008 in respect of its loss making UK automotive
business. On this basis, the Directors have concluded that the value of the
Company's net assets is now less than half of its called up share capital. In
such circumstances, the Directors are obliged under section 142 of the Companies
Act 1985 to convene a general meeting to consider whether any, and if so what,
steps should be taken to deal with this situation. Accordingly, the business to
be conducted at the General Meeting will include consideration of what, if any,
such steps should be taken in the light of this.
Enquiries:
+-----------+---------------+
| Acertec | 01743 445541 |
| plc | |
+-----------+---------------+
| Greg | |
| MacLeod, | |
| Executive | |
| Director | |
| Steve | |
| Kynaston, | |
| Finance | |
| Director | |
+-----------+---------------+
| | |
+-----------+---------------+
| Hawkpoint | 020 7665 4500 |
| Partners | |
| Limited | |
+-----------+---------------+
| David | |
| Renton | |
+-----------+---------------+
| | |
+-----------+---------------+
| Weber | 020 7067 0700 |
| Shandwick | |
| Financial | |
+-----------+---------------+
| Nick | |
| Oborne | |
| / | |
| Clare | |
| Perks | |
+-----------+---------------+
Notes to Editors:
Acertec is comprised of two divisions, Stadco and Acertec Construction Products
(formerly BRC). Stadco is a leading supplier of body-in-white pressings and
sub-assemblies to automotive OEM's in the UK and Germany.
Acertec
Construction Products supplies high performance engineered solutions for mining,
civil engineering, building and security industries.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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