Receipt of consideration from

RNS Number : 8887N

Norcros PLC

21 June 2010

 



Norcros plc

("Norcros", or the "Group")

Receipt of consideration from disposal of investment in RJ Beaumont

Norcros announces that it has received consideration of Aus$7.75m following the previously announced sale of its 25.5 per cent interest in RJ Beaumont & Co Pty Limited ("Beaumont"), its trade investment in Australia.

The sale had been announced on 1 June 2010 but due to Australian law requirements receipt of consideration could not take place until fourteen days after the completion of certain share reduction documentation.

The cash consideration received is approximately £4.3 million, net of costs of approximately £0.1m. The carrying value of the investment in the Group's balance sheet as at 31 March 2009 was £1.7 million.

A profit on disposal of £2.6 million will, accordingly, be reported in the Group's financial statements for the year ended 31 March 2011. This disposal realises value from the Group's investment and the net proceeds will be used to reduce debt and associated interest costs.

21 June 2010

ENQUIRIES

Norcros plc Joe Matthews, Group Chief Executive Nick Kelsall, Group Finance Director	01625 549 010
Oriel  Emma Griffin / David Arch / Jonathan Walker	020 7710 7600
College Hill Mark Garraway / Adam Aljewicz	020 7457 2020

For further information please visit the Company website: www.norcros.com

 

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