Tawa PLC Disposal (1247W)

TIDMTAW

RNS Number : 1247W

Tawa PLC

20 December 2013

Tawa plc ("Tawa")

Disposal

Tawa plc ("Tawa"), announce that they have signed a share purchase agreement to sell the entire issued share capital in Hamburger Internationale Rückversicherung AG ("HIR") and its subsidiaries Pavant SAS, Chiltington International Holdings Limited, and Hamburg International Reinsurance Ltd. to Compre Holdings Limited for a gross consideration of EUR4.2 million (the "Disposal").

Prior to the Disposal becoming effective the other subsidiaries of HIR, will be transferred to Tawa before the Disposal completes for a consideration of EUR1.0 million.

The Disposal is conditional on, inter alia, BaFIN approval of the change of control. The share purchase agreement contains customary warranties and indemnities and is governed by English law.

The net proceeds will be used by Tawa for general working capital purposes. As at 30 June 2013 HIR had net assets of EUR4.5 million and HIR contributed losses of EUR1.0 million for the 6 months to 30 June 2013. The Disposal is not expected to have a material effect on the net assets of Tawa.

Enquiries:

 
 Gilles Erulin, Chief Executive, Tawa plc       020 7068 8000 
 Michael Gaughan, FWD PR                        020 7623 2368 
 James Britton or Guy Wiehahn, Peel Hunt LLP 
  (nominated adviser and broker)                020 7418 8900

This information is provided by RNS

The company news service from the London Stock Exchange

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