(“Sandal” or the “Company”)
1 April 2019
The Board of Sandal announces that, further to the interim results statement on 26 February 2019, the assets and liabilities of the Energenie MiHome division have been transferred into Energenie Limited with effect from today. Energenie Limited is a wholly owned subsidiary of Sandal. The Board believes that this group reorganisation will be beneficial in the pursuit of the necessary growth capital for the Energenie MiHome business.
This announcement includes inside information as defined by Article 7 of the Market Abuse Regulation No. 596/2014 and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.
The directors of the Company accepts responsibility for the contents of this announcement.
Sandal plc 01279 422022
Alan Tadd, CEO
Oliver Tadd, Director
Cairn Financial Advisers LLP
David Coffman/Jo Turner 020 7213 0880
Notes to editors:
Sandal plc commenced business in 1996 and joined NEX in March 2015. The Company designs, develops and manufactures consumer electronics products. Its business is divided into two distinct product groups, PowerConnections, a long established wholesaler and reseller of a successful and patented range of converter plugs and power cables, and Energenie, which sells a newer product range that includes energy saving products, portable charging devices and the Energenie MiHome range of products aimed at the "Home Automation" and "Internet of Things" marketplace.
The range of Energenie MiHome home automation products makes the remote operation of everyday household appliances and energy monitoring more accessible through integration with smartphone and tablet connectivity. The Energenie MiHome range is also integrated with the major players in the home automation market including Google Nest and Amazon Echo.
Energenie MiHome products are available through a number of mainstream retailers including Amazon, Robert Dyas, Target Components, Grahams Plumbers Merchants, Plumb Nation, Box.co.uk, Screwfix and Wickes and most recently wholesale channels via Denmans.
In addition, Energenie also offers eco and electrical, travel and energy saving products for homes and offices, reducing energy usage. It has store listings for its current products with several large retailers including Amazon, Argos, and Screwfix.
PowerConnections is a supplier to customers in the UK and abroad, of single-phase electrical connection products. The products are manufactured in three partner factories in the Far East and have distributors worldwide for its range of patented converter plugs. The Company's product portfolio consists of International Power Leads, Rewireable Plugs, Converters and Connectors. These products are stocked in the Far East, Australia and UK.