DCC PLC
19 December 2007
Sale of shareholding in Manor Park Homebuilders
DCC plc ('DCC') announces that it has today received and accepted an offer to
sell its 49% shareholding in Manor Park Homebuilders Limited ('Manor Park') to
Morvest Limited, a Moran family company, for a consideration of €9 million. Joe
Moran is the holder of the remaining 51% of Manor Park.
DCC yesterday received a dividend of €172 million from Manor Park as franked
investment income. That dividend, along with the share sale proceeds when
received, amounting in total to €181 million, considerably strengthens DCC's
financial capacity to pursue continuing growth and development in its core
businesses, both organically and by acquisition.
Manor Park has been a highly successful investment for DCC in partnership with
Joe Moran, who has led the Company very capably as Chairman since its formation
in 1979. Manor Park has a large landbank for housing development and other
significant development projects in the pipeline.
The dividend received by DCC yesterday and the sale of the shareholding will
give rise to an exceptional profit of approximately €95 million. DCC now expects
to report an overall Group exceptional profit for the year to 31 March 2008
of approximately €34 million.
For reference, please contact:
Jim Flavin, Executive Chairman, DCC
Gerard Whyte, Group Secretary, DCC
Tel:+353 1 2799 400
Email: investorrelations@dcc.ie
www.dcc.ie
This information is provided by RNS
The company news service from the London Stock Exchange
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