Completion of Minerva sale

RNS Number : 1527O

PZ CUSSONS PLC

30 September 2019

 

PZ Cussons Plc

("PZ Cussons" or the "Group")

Completion of Minerva sale

Further to the announcement on 29 August 2019, PZ Cussons, a leading international consumer products group, is pleased to announce the completion of the sale of its Greek food subsidiary, Minerva S.A. Edible Oils and Food Enterprises ("Minerva") to Elaia Zeus Single Member S.A.¹, a company controlled by Diorama Investments SICAR SA ("Diorama"), a Luxembourg investment company, regulated by Luxembourg's Capital Markets Commission. Diorama's external fund manager is Deca Investments AIFM.

As announced on 29 August 2019, contracts for the sale were exchanged as part of the Group's new strategy to 'Focus, Scale and Accelerate'. Completion follows the drawdown of funds by the purchaser from its financing bank.  PZ Cussons received £41m² cash consideration for Minerva.

Ends -

Press enquiries

PZ Cussons Alan Bergin (Interim Chief Financial Officer)	0161 435 1236
Instinctif Tim Linacre / Guy Scarborough	020 7457 2020

Notes

¹ The identity of the purchasing entity is a change from that announced on 29 August 2019 as a result of a re-organisation within the purchaser's group. The purchasing entity, Elaia Zeus Single Member S.A., is a subsidiary of the original purchaser announced on 29 August (Mirties Enterprises Company Limited)

² Consideration translated from EUR to GBP at spot rate on 28 August of 1.10

 

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