Benchmark Holdings PLC Sale of Improve International (7670Q)
June 23 2020 - 2:00AM
UK Regulatory
TIDMBMK
RNS Number : 7670Q
Benchmark Holdings PLC
23 June 2020
23 June 2020
Benchmark Holdings plc
("Benchmark" or the "Company")
Sale of Improve International - A significant step in strategic
exit of non-core activities
Benchmark Holdings plc, the aquaculture genetics, health and
specialist nutrition business, is pleased to announce that it has
completed the sale of Improve International Limited and its
subsidiaries ("Improve"), a global provider of Continuing
Professional Development training for veterinary professionals, to
RJD Partners and Heber Alves, David Babington, and Rui Lobão (the
"Improve Directors") (the "Disposal").
Under the terms of the Disposal the Company will receive a total
cash consideration of up to GBP12.75m, comprising a GBP9.5m initial
payment on completion and deferred consideration of up to GBP3.25m,
payable in three instalments between completion and September 2022,
contingent on certain performance conditions being met.
The Disposal is an important step in Benchmark's strategy to
exit non-core areas to focus on its key disciplines in the global
aquaculture markets, and is part of the Company's programme of
disposals which, as stated in our interims results announcement of
29th May, is expected to generate GBP27m-GBP30m in total. The
proceeds from the Disposal further strengthen the Group's financial
position and liquidity.
Improve is held as a discontinued operation in Benchmark's 2019
audited accounts and 2020 unaudited interim accounts and generated
revenues and adjusted EBITDA of GBP10.1m and GBP1.7m respectively
in the twelve months ended 31 March 2020.
The Improve Directors, who are also employees of Improve, will
participate in the acquisition of Improve and have a resulting
interest in up to 30% of the share capital in Improve. As such, the
Disposal constitutes a related party transaction under the AIM
Rules. The Directors of the Company consider, having consulted with
Numis, acting in its capacity as the Company's Nominated Adviser,
that the terms of the Disposal are fair and reasonable insofar as
the Company's shareholders are concerned.
Trond Williksen, CEO, commented:
"The disposal of Improve marks a significant milestone in our
programme of disposals and restructuring, which remains a key
priority as we seek to re-focus the business on our core
aquaculture disciplines and transition from R&D investment into
profitability."
Enquiries
For further information, please contact:
Benchmark Holdings plc Tel: 020 3696 0630
Trond Williksen, CEO
Septima Maguire, CFO
Ivonne Cantu, Investor Relations
Numis (Broker and NOMAD) Tel: 020 7260 1000
James Black, Freddie Barnfield, Duncan Monteith
MHP Communications Tel: 020 3128 8742
Katie Hunt, Reg Hoare, Alistair de Kare-Silver
benchmark@mphc.com
About Benchmark
Benchmark's mission is to enable food producers to improve their
sustainability and profitability.
We bring together biology and technology, to develop innovative
products which improve yield, quality and animal health and welfare
for our customers. We do this by improving the genetic make-up,
health and nutrition of their stock - from broodstock and hatchery
through to nursery and grow out.
Benchmark has a broad portfolio of products and solutions,
including salmon eggs, live feed (Artemia), diets and probiotics
and sea lice treatments. Find out more at www.benchmarkplc.com
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.
END
DISFZGZVKFRGGZG
(END) Dow Jones Newswires
June 23, 2020 02:00 ET (06:00 GMT)
Benchmark (LSE:BMK)
Historical Stock Chart
From Jun 2024 to Jul 2024
Benchmark (LSE:BMK)
Historical Stock Chart
From Jul 2023 to Jul 2024