REG - PZ CUSSONS PLC - Completion of Minerva sale
RNS Number : 1527OPZ CUSSONS PLC30 September 2019PZ Cussons Plc
("PZ Cussons" or the "Group")
Completion of Minerva sale
Further to the announcement on 29 August 2019, PZ Cussons, a leading international consumer products group, is pleased to announce the completion of the sale of its Greek food subsidiary, Minerva S.A. Edible Oils and Food Enterprises ("Minerva") to Elaia Zeus Single Member S.A.1, a company controlled by Diorama Investments SICAR SA ("Diorama"), a Luxembourg investment company, regulated by Luxembourg's Capital Markets Commission. Diorama's external fund manager is Deca Investments AIFM.
As announced on 29 August 2019, contracts for the sale were exchanged as part of the Group's new strategy to 'Focus, Scale and Accelerate'. Completion follows the drawdown of funds by the purchaser from its financing bank. PZ Cussons received £41m2 cash consideration for Minerva.
Ends -
Press enquiries
PZ Cussons
Alan Bergin (Interim Chief Financial Officer)
0161 435 1236
Instinctif
Tim Linacre / Guy Scarborough
020 7457 2020
Notes
1 The identity of the purchasing entity is a change from that announced on 29 August 2019 as a result of a re-organisation within the purchaser's group. The purchasing entity, Elaia Zeus Single Member S.A., is a subsidiary of the original purchaser announced on 29 August (Mirties Enterprises Company Limited)
2 Consideration translated from EUR to GBP at spot rate on 28 August of 1.10
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.ENDDISURARRKUAKOAR
Recent news on PZ Cussons
See all newsREG - PZ CUSSONS PLC - Q3 Trading and update on strategic actions
AnnouncementREG - PZ CUSSONS PLC - Director/PDMR Shareholding
AnnouncementREG - PZ CUSSONS PLC - Director/PDMR Shareholding
AnnouncementREG - PZ CUSSONS PLC - Director/PDMR Shareholding
AnnouncementREG - PZ CUSSONS PLC - Director/PDMR Shareholding
Announcement