ENN Ennstone

 

TIDMENN 
 
RNS Number : 6504L 
Ennstone PLC 
14 January 2009 
 

Ennstone plc 
("Ennstone" or the "Company") 
 
 
Disposal 
 
 
Ennstone announces that, on 14 January 2009, its wholly owned subsidiary, 
Ennstone, Inc., entered into an agreement for the sale of its wharf facility in 
Pittsburgh, Pennsylvania to West Penn Aggregates, Inc. for a cash consideration, 
payable on completion, of US$1.73 million (the "Transaction"). Completion of the 
Transaction is conditional on Ennstone, Inc.'s lenders releasing their security 
interest over the assets subject to the Transaction (the "Assets"). It  s 
currently anticipated that the Transaction will be completed by 26 January 2009. 
Upon completion of the Transaction, Ennstone, Inc. will be required to repay 
approximately US$0.21 million of outstanding finance leases over certain of the 
Assets. At 31 December 2008, the Assets had a net book value of US$1.95 million 
and for the financial year ended 31 December 2008, generated a loss of US$0.66 
million. 
 
 
Ennstone, Inc. is currently negotiating with its US lenders as to how the 
proceeds of the Transaction, which will be retained in the US, will be applied. 
Ennstone continues to be in negotiations regarding either a refinancing or an 
offer for the Company. These negotiations are on-going, however, the Company's 
financing situation remains critical and there can be no certainty of a 
satisfactory outcome. 
 
 
Enquiries: 
 
 
+------------------------------------+------------------------------------+ 
| Ennstone plc                       |                      01332 694 444 | 
| Vaughan McLeod                     |                                    | 
+------------------------------------+------------------------------------+ 
|                                    |                                    | 
| Altium                             |                      0161 831 9133 | 
| Phil Adams/Adrian Reed             |                                    | 
|                                    |                                    | 
+------------------------------------+------------------------------------+ 
| College Hill                       |                      0207 457 2020 | 
| Mark Garraway                      |                                    | 
+------------------------------------+------------------------------------+ 
 
 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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