('Sandal' or the 'Company')
COMPLETION OF TRANSACTIONS
18 MAY 2018
The Board of Sandal is pleased to announce the completion of the off-market agreement to purchase 862,068 ordinary shares of £0.02 each in the capital of the Company representing 5.23% of the issued ordinary shares from Greenbrook Industries Limited ('GBI') at a price of 29 pence per share for a total aggregate consideration of £249,999.70. The shares acquired from GBI by the Company will be cancelled. In addition, the Company has received a term loan from GBI of £500,000 on the terms set out in the circular dated 27 April 2018.
As a result of these transactions, the Company has additional capital of £243,000 to invest in the business, after taking account of associated costs.
Following the purchase of the ordinary shares, the Company has 15,636,833 ordinary shares of £0.02 in issue and this figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company, under the Disclosure and Transparency Rules.
This announcement contains information which, prior to its disclosure, was inside information for the purposes of Article 7 of EU Regulation 596/2014.
The directors of Sandal Plc accept responsibility for the contents of this announcement.
Sandal Plc 01279 422022
Alan Tadd, CEO
Oliver Tadd, Director
Cairn Financial Advisers LLP
David Coffman/Jo Turner 020 7213 0880
Maxine Barnes 07860 489571
Notes to editors:
Sandal plc commenced business in 1996 and joined NEX in March 2015. The Company designs, develops and manufactures consumer electronics products. Its business is divided into two distinct product groups, PowerConnections, a long established wholesaler and reseller of a successful and patented range of converter plugs and power cables, and Energenie, which sells a newer product range that includes energy saving products, portable charging devices and the new Energenie MiHome range of products aimed at the 'Home Automation' and 'Internet of Things' marketplace.
The range of Energenie MiHome home automation products makes the remote operation of everyday household appliances and energy monitoring more accessible through integration with smartphone and tablet connectivity. The Energenie MiHome range is also integrated with the major players in the home automation market including Google Nest and Amazon Echo. Energenie MiHome products are available through a number of mainstream retailers including Amazon, Argos and Sainsbury's. In addition Energenie also offers Eco and electrical, travel and energy saving products for homes and offices, reducing energy usage and the Home Automation sector. It has store listings for its current products with several large retailers including Homebase, Amazon, Screwfix, Toolstation and ASDA.
PowerConnections is a supplier to customers, in the UK and abroad, of single- phase electrical connection products. The products are manufactured in three partner factories in the Far East and have distributors worldwide for its range of patented converter plugs. The Company's product portfolio consists of International Power Leads, Rewireable Plugs, Converters and Connectors. These products are stocked in the Far East, Australia and UK.
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients. The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Sandal plc via GlobeNewswire
Copyright RTT News/dpa-AFX