DCC PLC
4 February 2000
DCC Realises Profit of EUR40 million
on the Sale of Part of its Shareholding in Fyffes
DCC plc, the value added marketing and distribution group, announces the
disposal of 17,895,697 ordinary shares in Fyffes plc, the European fresh
produce group, for a cash consideration of EUR57.3 million, being EUR3.20 per
share. The sale results in a profit on cost of EUR45 million and of
approximately EUR40 million on book value.
The shares sold were placed with institutional investors jointly by Davy
Stockbrokers and Goodbody Stockbrokers at EUR3.20 per share.
DCC continues to hold 17,895,697 shares (ordinary and convertible preference)
in Fyffes, representing 5.2% of Fyffes' capital inclusive of preference
shares.
Commenting on the disposal, Mr Jim Flavin, Chief Executive and Deputy Chairman
of DCC, said:
'We are pleased to have disposed of part of our
shareholding in a manner which has enabled Fyffes to
significantly broaden its institutional shareholder
base.
Under the visionary leadership of its Chairman, Neil
McCann, Fyffes has emerged as the leading fresh produce
business in Europe. The recent launch of worldoffruit.com
opens up an exciting new avenue for
its continued growth into the future.
DCC plans to re-invest the funds realised by
accelerating the development of our core business
activities both organically and by acquisition.'
For reference:
Jim Flavin
Tel: +353 1 2831011
Chief Executive & Deputy Chairman, DCC plc
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