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Ironveld plc Announces Sale Of Subsidiary To Environmental Safeguard Limited

Friday, 20 Sep 2013 08:38am EDT 

Ironveld plc announced that it has entered into an agreement to sell its non-core wholly-owned trading subsidiary, Mercury Recycling Limited (MRL), to Environmental Safeguard Limited for a total consideration of GBP1.575 million in cash, comprising a purchase price of GBP1.45 million and a working capital adjustment of GBP125,000. MRL operates under a Pollution Prevention and Control (PPC) license from the Government Environment Agency and runs one of the lamp recycling facilities in Europe. The sale proceeds will be used towards developing the Group's pig iron and vanadiumproject. 

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