Disposal of CIC Australia Ltd

RNS Number : 9938E

Guinness Peat Group PLC

17 May 2013

 



GUINNESS PEAT GROUP PLC

("GPG" or the "Company")

PEET LIMITED TAKEOVER OFFER FOR CIC AUSTRALIA LIMITED

GPG announces that it has accepted Peet Limited's ("Peet") takeover offer for its 73% shareholding in CIC Australia Limited ("CIC").

GPG also notes that Peet has today announced that its takeover offer for CIC is 'unconditional' and therefore GPG expects to receive total sale proceeds (including the recently announced CIC dividend) of approximately A$57.7 million (£37.5million).

GPG has accepted Peet's takeover offer because it believes it is compelling relative to other value realisation alternatives. Given Peet's already established relevant interest in 19.9% of CIC and the fact that CIC has undertaken an extensive review process and has assessed a number of possible alternatives, GPG currently sees little prospect of a superior proposal emerging.

Chris Healy

Company Secretary

Guinness Peat Group plc

Tel: [phone]

17 May 2013

Enquiry details are:

New Zealand and Australian media:             Geoff Senescall on:              [phone]

UK media:                                                  Kevin Smith on:                   [phone]

 

END

 

 

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