Sintrom Plc has firmed up plans for divestment of its Perex tape drive business, entering a conditional agreement to sell the business to Viewsar Ltd, a new company formed by Perex directors with institutional investors: Sintrom will get UKP645,000 cash and a UKP705,000 inter-company loan will be repaid, bringing the total to UKP1.35m; in addition, Perex paid a UKP50,000 dividend to Sintrom; Perex did UKP665,000 pre-tax on sales of UKP7.25m in the year to December 31, and an unaudited UKP304,000 on UKP5.1m sales in the 10 months to the end of October; Sintrom is selling, because it finds the OEM tape drive business too erratic, and sees better prospects in its networking activities; it also believes Perex needs substantial new investment to perform.
