- Release Date: 16/01/14 10:52
- Summary: GENERAL: RAK: Announcement On The Proposed Closure Of Rakon UK Operations
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RAK 16/01/2014 08:52 GENERAL REL: 0852 HRS Rakon Limited GENERAL: RAK: Announcement On The Proposed Closure Of Rakon UK Operations 16 JANUARY 2014 (RAK) ANNOUNCEMENT ON THE PROPOSED CLOSURE OF RAKON UK OPERATIONS (LINCOLN) Rakon Limited (NZX:RAK) announces, that it has advised employees of its United Kingdom (UK) subsidiary (Rakon UK Limited), of its intent to enter consultation for a proposed closure of its Lincoln, UK plant. This follows a review by the Rakon Board of Directors determining that duplicate overhead structures and manufacturing capability exists between the Lincoln and New Zealand operations. The proposal is for a full closure of the plant, with the manufacturing of products to be shifted to Rakon's New Zealand plant. Rakon will continue to maintain a research & development centre in the UK, based at Harlow. There is no fixed timeline associated with the consultation or proposed closure. Should the proposal to restructure be confirmed in the current financial year, there is expected to be further restructure provisions reported that would result in a change to previous earnings guidance for FY2014. EBITDA would then trade in the range of -$8million to -$5million (previous guidance -$3m to $0), with a Net Loss After Tax in the range of -$59million to -$55million (previous guidance -$54m). The proposal does not impact on Rakon's target to reduce bank borrowings to below $12million, by 31 March 2014. Rakon has previously announced plans to return to an EBITDA profitability range of $10million to $15million in FY2015. This guidance remains intact. Once the consultation process is completed, the market will be updated accordingly. -ends- Contact: Simon Bosley (CFO) Rakon (09) 571 9323 www.rakon.com End CA:00246110 For:RAK Type:GENERAL Time:2014-01-16 08:52:18
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