VULC.AQSE

Vulcan Industries PLC
Vulcan Industries Plc - Disposal of Time Rainham Limited
15th November 2022, 09:42
TwitterFacebookLinkedIn
To continue viewing RNS, please confirm that you are a Private Investor*

* A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:

  1. Obtains access to the information in a personal capacity;
  2. Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
  3. Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
  4. Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
  5. Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
  6. Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
15 November 2022

                             Vulcan Industries plc

                          ("Vulcan" or the "Company")

                       Disposal of Time Rainham Limited

Vulcan Industries plc (AQSE: VULC) is pleased to announce that it has disposed
of the entire share capital of Time Rainham Limited ("Time Rainham").

Disposal rationale

Time Rainham has been manufacturing components for First Tier commercial OEM's
for over 70 years. It manufactures a vast range of components including
selector forks, levers, valve housings, manifolds and blocks as well as complex
gearbox transmission cases. Following a review of the future production
schedules and the working capital requirements of Time Rainham, the board have
concluded that additional investment to increase capacity is required to enable
the business to return to profitability. The demand outlook remains uncertain,
with the risk that the additional volumes required to justify the investment
might not materialise for some time. Accordingly, the board have decided to
dispose of the business to avoid continued cash outflows.

In the interim accounts to 30 September 2022 Time Rainham had net liabilities
of £1,039,000. Consideration from the disposal is £1 and its disposal will
improve the Group balance sheet of Vulcan Industries plc.

Ian Tordoff, Executive Chairman, "Together with many smaller suppliers to OEMs,
Time Rainham has struggled to rebalance and build its order book in response to
pressures from OEMs to source product overseas. Whilst we have reviewed a
series of options to support its endeavors, the additional capital and working
capital investment required to reach profitability cannot justified given the
continued uncertainty in the market."

For further information, visit: https://vulcanplc.com

The directors of Vulcan accept responsibility for this announcement.

Contacts

Vulcan Industries plc                             Via Vox Markets

Ian Tordoff, Chairman

First Sentinel Corporate Finance Ltd (AQSE        +44 7876 888 011
Corporate Adviser)

Brian Stockbridge

Jenny Liu

Vox Markets (Media and Investor Relations)        vulcan@voxmarkets.co.uk

Kat Perez                                         +44 7881 622 830

Paul Cornelius                                    + 44 7866 384 707

About Vulcan

Vulcan seeks to acquire profitable engineering, manufacturing, and industrial
businesses to enhance value unlocking growth which is not being achieved as a
standalone private company. For more information visit https://
www.voxmarkets.co.uk/listings/PLU/VULC

Forward Looking Statements

This news release may contain "forward-looking" statements and information
relating to the Company. These statements are based on the beliefs of Company
management, as well as assumptions made by and information currently available
to Company management. The Company does not undertake to update forward-looking
statements or forward-looking information, except as required by law.

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 a Regulatory
Information Service, this inside information is now considered to be in the
public domain.
TwitterFacebookLinkedIn