Brief: Santa Fe Divests Relocation Business
25/09/2019 11:37
Sept 25 (Reuters) - Santa Fe Group A/S SFGR.CO :
* REG-SANTA FE CONCLUDE AGREEMENT ON DIVESTMENT OF ITS RELOCATION BUSINESS - COMPANY
ANNOUNCEMENT
NO 16/2019
* TODAY DIVESTED ITS SUBSIDIARY SANTA FE GROUP LIMITED, WHICH HOLDS GROUP'S RELOCATION
ACTIVITIES
* SALE INCLUDES TOTAL DEBT TO PROVENTUS CAPITAL PARTNERS, THUS ENDING COMPANY'S PREVIOUSLY
ANNOUNCED FINANCIAL CHALLENGES
* WILL RECEIVE A CASH CONSIDERATION OF EUR 1M
* CO WILL RECEIVE 15% OF GAIN IN EVENT OF A FUTURE CASH SALE OF RELOCATION BUSINESS WITHIN 5
YEARS
FROM AGREEMENT HAS BEEN SIGNED
* FOLLOWING TRANSACTION CO RETAINS MINORITY HOLDINGS THROUGH SUBSIDIARIES OF TWO CHINESE AND
A
LISTED THAI COMPANY
* FOR PARENT COMPANY, TRANSACTION RESULTS IN AN ACCOUNTING LOSS OF APPROX. EUR 21.5M (DKK
160M)
* DEAL RESULTS IN AN EXPECTED EQUITY OF PARENT COMPANY OF EUR 2.0-2.7M (DKK 15-20M) AFTER
DIVESTMENT
* CONTINUING ACTIVITIES OF CONSOLIDATED COMPANY WILL NOT GENERATE ANY REVENUE FOR 2019 AND
EBITDA
BEFORE SPECIAL ITEMS IS EXPECTED TO BE AROUND EUR -1M IN 2019
* EXPECTS SHORTLY TO CONVENE EGM FOR PURPOSE OF CHANGING NAME OF COMPANY
* NAME "SANTA FE" TO BE TRANSFERRED TO DIVESTED BUSINESS
Source text for Eikon: ID:nGNE2VrTh1
Further company coverage: SFGR.CO
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