Coral Products
Plc
("Coral",
the "Company" or the "Group")
Completion of Property Sale
and Directorate Change
Coral Products plc, a group of
specialist businesses in the design, UK manufacture and
omni-channel supply of a wide range of bespoke plastic products
based in Wythenshawe, Manchester, announces that, further to the
announcement of 7 January 2025, it completed the Sale and Leaseback
of two freehold properties (North and South buildings, Haydock
Industrial Estate, Haydock WA11 9UB) on 14 February
2025.
The gross proceeds of £1.7 million
will be utilised in repaying the outstanding mortgages of £750,000,
materially reducing the Group's debt, with the net proceeds of
£950,000 further strengthening the working capital position and
improving the Company's balance sheet.
Directorate Change
The Group also announces that,
further to the announcement of 4 December 2024 and following the
completion of the relevant compliance checks, Mr Paul Rice has been
appointed to the Board of the Company as Group Finance Director
with immediate effect.
Pursuant to Rule 17 and Schedule
2(g) of the AIM Rules for Companies, the following information is
disclosed in respect of Paul Nigel Rice (aged 37):
Paul does not have any current or
previous directorships held in the past five years.
Paul Rice does not hold any ordinary
shares, options or warrants over new ordinary shares in the
Company.
There is no further information
regarding Paul Rice required to be disclosed under the AIM
Rules.
Capitalised terms used in this
announcement, unless otherwise defined, shall have the meanings
given to them in the announcement on 7 January 2025.
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 as it forms part of UK Domestic Law by virtue of the
European Union (Withdrawal) Act 2018 ("UK MAR"). The Directors of
the Company take responsibility for this announcement.
For
further information, please contact:
|
Enquiries:
|
www.coralproducts.com
|
Tel:
|
|
|
|
|
|
Coral Products plc
Joe Grimmond
|
Non-Executive Chairman
|
07703 518 148
|
|
|
|
|
|
Cairn Financial Advisers LLP
Sandy Jamieson / Ludovico
Lazzaretti
|
NOMAD and Broker
|
020 7213 0880
|
