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PipeHawk PLC - Cinderford, England-based engineering solutions for utilities, government and rail industries - Enters into a binding conditional agreement to sell its Utsi Electronics Ltd subsidiary to Hong Kong-based Leidi Global Supply Ltd for £1.0 million in cash. PipeHawk has received a £25,000 non-refundable deposit, with the balance payable on completion and earmarked for working capital. Utsi suffered a pretax loss of £464,000 in the financial year that ended June 30 and had gross assets of £430,000. Completion is conditional on clearance under the UK National Security & Investment Act, with a long-stop date of February 28, after which PipeHawk focuses on its remaining Thomson Engineering Design Ltd and Adien Ltd businesses.
Current stock price: 2.40 pence, up 50% in London on Wednesday
12-month change: down 9.5%
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