Genus PLC
27 November 2007
Genus plc
('Genus' or the 'Company')
Animalcare Limited Disposal
Genus, a world leading animal genetics company, is pleased to announce that it
has entered into an agreement to dispose of Animalcare Limited ('Animalcare'),
its non-core veterinary pharmaceutical business, to Ritchey plc for a total cash
consideration of £14m, including a deferred element of £0.6m. The proceeds of
the disposal will be used to reduce debt.
The transaction is subject to financing which Ritchey plc plans to achieve
through a fundraising upon its admission to the AIM market. It is expected that
the transaction will complete on 10 January 2008. Payment of the £0.6m of
deferred consideration is conditional upon a manufacturing contract being set up
for a new product, currently under development.
For the year ended 30 June 2007, Animalcare generated an adjusted operating
profit of £1.6m. As at 30 June 2007 it had net assets of £6.7m.
For further information, please contact:
Genus plc Tel: 01256 345970
Richard Wood, Chief Executive
Martin Boden, Finance Director
Landsbanki Securities (UK) Limited Tel: 020 7426 9000
Financial Adviser & Joint Broker
Shaun Dobson
Buchanan Communications Tel: 020 7466 5000
Charles Ryland / Suzanne Brocks
About Genus
Genus creates and sells added value products for livestock farming and food
producers by creating advances to animal breeding through biotechnology. Its
non-Genetically Modified Organism (GMO) technology is applicable across all
livestock species but is only commercialised by Genus in the bovine and porcine
farming sectors.
Genus' worldwide sales are made in seventy countries under the trade marks 'ABS'
(dairy and beef cattle) and 'PIC' (pigs) and comprise semen and breeding animals
with superior genetics to those animals currently in production. Customers use
Genus genetics on their herds to produce offspring with greater production
efficiency, milk and meat output and quality and use these to supply the global
dairy and meat supply chain.
Genus' competitive edge has been created from the ownership and control of
proprietary lines of breeding animals, the biotechnology used to improve them
and the Group's global production and distribution network.
Headquartered in Basingstoke, England, Genus companies operate in 30 countries
on five continents, with research laboratories located in Madison, USA.
This information is provided by RNS
The company news service from the London Stock Exchange
*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:
Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
Please note, this site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about the cookies used on Investegate and how you can manage them, see our Privacy and Cookie Policy
To continue using Investegate, please confirm that you are a private investor as well as agreeing to our Privacy and Cookie Policy & Terms.