Ennstone Group sell more US assets

The Ennstone Group, whose Scottish subsidiary, Ennstone Thistle, operates four Argyll quarries (at Benderloch, Bonawe, Dunbeg and Furnace), has now sold more of its assets in the USA. The company’s shares were suspended on the London Stock Exchange on 28th January. It has now said that Ennstone Inc, its American company, sold the trade and assets of its ready mixed concrete businesses located in Charlottesville and Elkton, Virginia, to Wilson Ready Mix LLC for US$3.1 million in cash on 20th February.

Following this sale, Ennstone Inc. will be required to repay approximately US$0.95 million of outstanding Industrial Revenue Bonds and finance leases related to certain of the Assets.

At 31st December 2008, the assets now sold had a net book value of US$4.6 million. In the financial year ended 31st December 2008, these assets generated a loss of US$0.55 million. Ennstone Inc. is understood to be currently negotiating with its US lenders as to how the proceeds of this asset sale, which will be retained in the US, will be applied.