REG - M&C Saatchi PLC - Divestment of Associates

M&C SaatchiAnnouncement

02/04/2024 15:30

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RNS Number : 0205J  M&C Saatchi PLC  02 April 2024

2 April 2024

M&C SAATCHI PLC

(the "Company" or "M&C Saatchi")

Divestment of Associates

 

The Company announces the divestment of certain French associate investments
in line with its strategy to simplify its operating structure and improve
efficiency across the group. The associate companies being divested are
Cometis, Australie, and M&C Saatchi Little Stories (together the "French
Associate Investments") which are being acquired by the existing local
leadership team which includes the directors of the French Associate
Investments.

The Company has agreed to dispose of its entire shareholding in the French
Associate Investments for cash consideration of €1 million. The proceeds of
the disposal will be retained by the group.

In the year ended 31 December 2022, the French Associate Investments
collectively generated a loss of €279k.

Related party transaction

The divestment of the French Associate Investments is considered to be a
related party transaction for the purposes of AIM Rule 13 of the AIM Rules for
Companies due to the acquisition of the Company's interest in the French
Associate Investments being made by directors of the entities. For the
purposes of the AIM Rules for Companies, the directors of M&C Saatchi,
having consulted with the Company's Nominated Adviser, Liberum Capital
Limited, consider the terms of this divestment to be fair and reasonable so
far as its shareholders are concerned.

 M&C Saatchi plc                               +44 (0)20-7543-4500
 Zillah Byng-Thorne, Executive Chair

 Bruce Marson, Chief Financial Officer

 Jill Sherratt, Head of Investor Relations
 Liberum, NOMAD                                              +44 (0)20-3100-2000
 Max Jones, Benjamin Cryer, Will King
 Deutsche Numis                                               +44 (0)20-7260-1000
 Nick Westlake, Iqra Amin
 Headland Consultancy
 Stephen Malthouse, Rob Walker, Charlie Twigg  +44 (0)20-3805-4822

 

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