REG - Roebuck Food Group - Change in Director Responsibilities

Roebuck FoodAnnouncement

18/02/2022 13:45

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RNS Number : 1736C  Roebuck Food Group PLC  18 February 2022

The information contained within this announcement was previously deemed by
the Company to constitute inside information as stipulated by Market Abuse
Regulation (EU) No 596/2014 ("EU MAR") and the retained UK law version of EU
MAR pursuant to the Market Abuse (Amendment) (EU Exit) Regulations 2019 (SI
2019/310) ("UK MAR"). With the publication of this announcement via a
Regulatory Information Service, this information is now considered to be in
the public domain

 

Roebuck Food Group plc ("Roebuck" or the "Company")

Settlement of Completion Accounts on Cold Store Disposal

Change in Director Responsibilities

18 February 2022

On 30 September 2021, Roebuck Food Group plc (then named Norish plc) announced
the conditional agreement for the sale of its cold storage division to
Nichirei Holding Holland B.V. ("the Purchaser"), a wholly-owned subsidiary of
Nichirei Logistics Group Inc. for a consideration of £65.706 million ("the
Disposal"). Following the settlement of indebtedness and the operation of a
completion accounts mechanism in the Sale and Purchase Agreement, it was then
anticipated that it would result in a consideration receivable by the Company
of approximately £57.3 million. The completion of the Disposal was announced
on 29 October 2021.

Following Completion, the Company engaged with the Purchaser on the completion
accounts exercise.  In the course of that exercise, a difference arose in
relation to the amount of a provision for capital expenditure in respect of
works to certain of the cold store division's premises, following the receipt
of tenders and indicative pricing for these works.  Following a due diligence
exercise, the Company has ultimately agreed that an adjustment to the purchase
price of £1,160,765 be made, with a consequent payment of an equivalent
amount to the Purchaser.

Commenting on the matter, Executive Chairman Ted O'Neill stated: "while it is
obviously disappointing that our original estimate of capital expenditure
could not be borne out, I am pleased that we have settled the matter at this
early stage and without engaging in what might have been a protracted and
lengthy exercise. The company is able to pay this amount from its existing
cash resources without any recourse to borrowing or any effect to its ongoing
business plans."

The Company also announces that it has been agreed with Deputy Chairman Aidan
Hughes that he should continue in an executive role until 31 December 2022,
with primary responsibility for corporate transactions and new ventures, on
the same terms and conditions as applied heretofore (save as to
responsibilities).

The Directors of the Company accept responsibility for the contents of this
announcement.

 Enquiries:

 Roebuck
 Aidan Hughes, Deputy Chairman  Telephone: + 44 1293 862 498

  Davy
 Anthony Farrell                Telephone: + 353 1 679 6363

 

 

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