RNSM Ransom(William)

 

TIDMRNSM 
 
RNS Number : 1637P 
Ransom(William) & Son PLC 
12 July 2010 
 

For immediate release 
                12 July 2010 
                            WILLIAM RANSOM & SON PLC 
                            (the "Company", "Ransom") 
                      RESTRUCTURING OF OPERATIONS IN ITALY 
 
The Company is pleased to announce that it has agreed the sale of its 
loss-making operations in Italy and the signing of a new distribution agreement 
for Ransom's products in Italy and other territories. 
The Company's subsidiary Optima Italia S.r.l ("OIS") has today entered into an 
agreement to sell certain of its business assets and liabilities to Optima 
Naturals S.r.l ("ONS"), a new company to be formed by the current manager of 
OIS, and appoint ONS as the distributor of certain of the Company's products in 
Italy and other territories. 
The Company will receive total cash consideration of GBP45,000 for the above 
assets which have a book value of approximately GBP6,000. The proceeds will be 
used to improve the Company's working capital position. 
OIS generated annual sales of approximately GBP1.2m and a loss of approximately 
GBP0.3m for the year ended March 2009. 
Ivor Harrison, Chief Executive, commented: 
 
"The board believes that the sale of Optima Italia S.r.l assets and liabilities 
is in the best interest of the Company and its stakeholders. The disposal is 
consistent with the Company's desire to exit unprofitable business and to create 
a sustainable focused, higher margin, differentiated natural consumer healthcare 
business. The new distributor arrangement will enable Ransom to operate 
profitably in the region." 
 
 
 
William Ransom & Son plc:                                               01462 
443527 
Ivor Harrison, Chief Executive 
 
Numis Securities Limited: 
020 7260 1000 
Nominated Adviser: Michael Meade 
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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