Pure Wafer (PUR), the Aim-traded provider of test wafer reclaim services to the semiconductor industry, has decided to forward the proceeds of a major insurance payout to shareholders, rather than rebuild a fire-damaged facility in Swansea.
Shares in the group skyrocketed 88 per cent to 109p on the news that owners might receive up to 125p a share from the settlement, more than double Pure's average price of 59.59p since a November 2012 refinancing.
The test wafer facility was badly damaged in a fire in December. Pure said the undisclosed insurance settlement was "fair and reasonable", but at a discount to the potential cost of a rebuild. Shareholders will receive nothing until the company has resolved its tax, lease and debt liabilities relating to the Swansea facility, and paid for a redundancy consultation.
