REG - PZ CUSSONS PLC - Acquisition of minority ownership of PZCN Plc

PZ CussonsAnnouncement

05/09/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230905:nRSE3406La&default-theme=true

RNS Number : 3406L  PZ CUSSONS PLC  05 September 2023

 

05 September 2023

 

Acquisition of minority ownership of PZ Cussons Nigeria Plc and de-listing

 

PZ Cussons ("PZ Cussons" or "the Group") today confirms that it has made an
offer to acquire the minority-held shares of PZ Cussons Nigeria Plc ("PZCN").
Following this acquisition the Group intends to de-list the business from the
Nigerian stock exchange. The Group believes the transaction will significantly
simplify and strengthen its business in Nigeria, putting in place a
sustainable structure and platform to maximise long-term growth and value.

 

The Group has made the offer to the Board of PZCN to acquire the 26.73% of
issued share capital held by minority shareholders at a value of ₦21 per
share, subject to prevailing market conditions, equivalent to a total cash
consideration payable of £22.8 million(1). Funding for the transaction is
expected to come from existing Naira cash balances.

 

The Group believes the offer to be attractive for the minority shareholders of
PZCN, particularly given the recent macroeconomic developments and foreign
exchange challenges. It is also confident that the offer is in the interests
of Group investors, as part of the focus to deliver against its strategy and
create sustainable shareholder value.

 

The offer will also be subject to the approval of the PZCN Board, regulatory
approvals and vote of minority shareholders of PZCN. Further announcements
will be made in due course, as appropriate.

 

The Group will report results for the year ended 31 May 2023 on 26 September
2023.

 

For further information please contact:

 

Investors

Simon Whittington - IR and Corporate Development Director      +44 (0) 77
1137 2928

 

Media

Headland PZCussons@headlandconsultancy.com             +44 (0) 20
3805 4822

Susanna Voyle, Stephen Malthouse, Charlie Twigg

 

Notes to editors

 

About PZ Cussons Nigeria Plc

Assets within PZ Cussons Nigeria Plc comprise the portfolio of family care
brands such as Premier, Joy and Morning Fresh, and the Haier-Thermocool
venture with Haier. It does not include the joint venture with Wilmar
International.

 

 1  Based on a Naira to GBP rate of 977

About PZ Cussons

PZ Cussons is a FTSE250 listed consumer goods business, headquartered in
Manchester, UK. We employ nearly 3,000 people across our operations in Europe,
North America, Asia-Pacific and Africa. Since our founding in 1884, we have
been creating products to delight, care for and nourish consumers. Across our
core categories of Hygiene, Baby and Beauty, our trusted and well-loved brands
include Carex, Childs Farm, Cussons Baby, Imperial Leather, Morning Fresh,
Original Source, Premier, Sanctuary Spa and St.Tropez. Sustainability and the
wellbeing of our employees and communities everywhere are at the heart of our
business model and strategy, and captured by our purpose: For everyone, for
life, for good.

 

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 (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  ACQEANNLEFEDEFA