At an extraordinary general meeting, held 14 May, TT Group shareholders voted 90% in favour of separating the glass, packing and ironmonger divisions,in order to focus on its core electronics arm. T…
At an extraordinary general meeting, held 14 May, TT Group shareholders voted 90% in favour of separating the glass, packing and ironmonger divisions,in order to focus on its core electronics arm. TT Group, which specializes in making throttle control devices for cars, will be renamed TT Electronics from 1 June, following the demerger. The demerged parts, which take 22 million of TT debt with them, will be amalgamated with two other recently acquired companies, to create Send Group. TT shareholders will receive 1 new Send share for every 20 TT shares held. Trading in the new company is expected to begin on the Alternative Investment Market 15 May. Mr Newman said: “The demerger of our non-core activities will enable us to concentrate on our electronic and electrical businesses where we believe there are significant growth prospects.”