RNSM Ransom(William)

 

TIDMRNSM 
 
RNS Number : 3641F 
Ransom(William) & Son PLC 
12 January 2010 
 

For Immediate Release12 January 2010 
 
 
WILLIAM RANSOM & SON PLC 
(the "Company", "Ransom") 
DISPOSAL OF METANIUM and TRADING UPDATE 
The Company is pleased to announce that it has today entered into a sale and 
purchase agreement to dispose of Metanium to Thornton & Ross Limited. The 
Metanium brand is made up of two topical ointment products, Metanium nappy rash 
ointment and Metanium cradle cap cream. 
The Company will receive total cash consideration of GBP2.2m made up of 
approximately GBP2m for the Metanium brand and approximately GBP0.2m in respect 
of Metanium inventory. GBP0.4m of the total consideration has been paid into an 
escrow account and will be released to the Company against the delivery of 
finished Metanium product to Thornton & Ross Limited. 
GBP1m of the proceeds received by the Company in cash at completion will be used 
to reduce the Company's borrowings and the balance of the consideration will be 
used for the Company's working capital purposes. 
The Metanium products generated annual sales of approximately GBP1.05m and gross 
contribution of approximately GBP0.6m. The net book value of total assets of 
Metanium at 11 January 2010 was GBP1.1m. It is anticipated that Ransom will 
continue to manufacture Metanium while transition arrangements are made to 
transfer production to Thornton & Ross's facilities. 
Ivor Harrison, Chief Executive, commented: 
"The board believes the divestment of Metanium is in the best interests of the 
Company and its stakeholders. Furthermore, the divestment is consistent with the 
Company's strategy of creating a focused, natural consumer healthcare offering. 
As stated in the announcement with the Interim Accounts in December, trading 
continues to be difficult and the outlook uncertain as we implement the 
turnaround plan while operating under very testing business and economic 
conditions." 
 
 
 
 
 
 
William Ransom & Son plc: 01462 443527 
 Ivor Harrison, Chief Executive 
 
Numis Securities Limited:020 7260 1000 
 Nominated Adviser: Michael 
Meade/Simon Blank 
Corporate Broker: James Black 
 
Buchanan Communications:020 7466 5000 
 Charles Ryland /James Strong 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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