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Laird PLC LRD Completion of Disposal



  Laird PLC (LRD) - Completion of Disposal

RNS Number : 1993Q
Laird PLC
02 November 2012
 



              LAIRD COMPLETES EXIT OF HANDSET ANTENNAE BUSINESS

 

Laird  PLC  ("Laird"),  a  global  technology  company  focused  on  providing 
components and solutions that protect electronic devices from  electromagnetic 
interference and heat, and that enable wireless connectivity through  wireless 
applications and antennae systems, today  confirms the completion of the  sale 
of its Handset Antennae business assets to Shenzhen Sunway Communication  Co., 
Ltd ("Sunway").

 

Laird PLC announced on 8 March 2012, the sale of assets and the entire  issued 
share capital of Laird Technologies (Beijing) Co., Ltd. for RMB 198m  (c.£20m) 
subject to  a  minimum  level  of  working  capital  and  subject  to  certain 
regulatory approvals being received by  Sunway. These approvals have now  been 
obtained.

 

The transfer of funds  for RMB 156m  net of RMB 17m  withholding tax has  been 
received, as adjusted to reflect an estimate of working capital at completion.

 

The finalisation  of this  transaction  completes the  exit from  the  Handset 
Antennae business and allows us to focus on driving our business forward.

 

 

For enquiries: Laird PLC                                 Maitland

               David Lockwood, Chief Executive           Brian Hudspith

               Jonathan Silver, Finance Director         Liz Morley

               Anna Hartropp, Head of Investor Relations  

               Tel: 020 7468 4040                        Tel: 020 7379 5151

                                                                              

                                                                              

                                                                              

                     This information is provided by RNS
           The company news service from the London Stock Exchange
 
END
 
 
DISUUSKRUVAARRA -0- Nov/02/2012 09:47 GMT
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