Scapa Group PLC Notice of Termination of Material Contract (8503A)
03 Giugno 2019 - 8:00AM
UK Regulatory
TIDMSCPA
RNS Number : 8503A
Scapa Group PLC
03 June 2019
3 June 2019
LEI No. 213800QIPVTK5ES5UU36
Scapa Group plc ("the Company")
Notice of Termination of Material Contract
Scapa Group plc (AIM: SCPA) announces that on Friday 31 May
after the market closed, Scapa received notice from ConvaTec Inc.
(ConvaTec) that it was terminating the Master Supply Agreement
(MSA) with Scapa Tapes North America LLC; accompanying the notice
was an action for a declaratory judgment concerning the MSA filed
by ConvaTec in federal court in New Jersey.
Neither the Company nor Scapa Tapes North America LLC accept
that ConvaTec has any grounds to terminate the five year supply
agreement in respect of which a three year term remains, nor to
pursue its declaratory judgment claim. The Company and Scapa Tapes
North America LLC have instructed external legal counsel and will
strongly contest and defend their rights under the MSA and in
response to the New Jersey action in which it will assert and
pursue all appropriate rights and remedies.
The MSA provides for a binding contractual commitment for a
minimum circa. US$30m of revenue per annum. The Company is
assessing the potential profit implications and will issue a
further update accordingly.
For further information:
Scapa Group plc
Heejae Chae - Group Chief Executive
Oskar Zahn - Chief Finance Officer 0161 301 7430
Numis Securities Limited
(Nominated Adviser and Joint Broker)
Richard Thomas/Mark Lander 020 7260 1000
FTI Consulting
(Media Relations)
Brett Pollard
Victoria Foster Mitchell 020 3727 1000
About Scapa Group plc
Scapa Group plc is a diversified Healthcare and Industrial
company focused on bringing best-in-class innovation, design and
manufacturing solutions to its customers.
Healthcare
Scapa Healthcare is the trusted strategic partner of choice for
the world's leading companies in Advanced Wound Care, Consumer
Wellness and Medical Device Fixation. We partner with the top
global MedTech companies to develop and manufacture innovative skin
friendly medical device fixation and topical solutions, from
inception through to market delivery, from our state-of-the-art
facilities.
For further information, please visit
www.scapahealthcare.com
Industrial
Scapa Industrial is a global supplier of bonding solutions and
manufacturer of adhesive-based products which offer meaningful
value in industrial applications due to their lightweight,
easy-to-apply properties. We are recognised for our unparalleled
range of products, including adhesive tapes, films and foams, and
we can engineer custom designs for even the most unique
applications.
For further information, please visit
www.scapaindustrial.com
This information is provided by RNS, the news service of the
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Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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