Statement re: Press Reports

RNS Number : 6653T

Smith (DS) PLC

17 December 2012

 



STATEMENT RE PRESS REPORTS

DS Smith Plc ("the Company") notes media reports today. DS Smith is continuing the process to finalise the completion accounts following its recent acquisition of SCA Packaging. This is an agreed process between the Company and SCA AB, the seller of SCA Packaging and is a standard method of determining the value of the target's assets and liabilities at completion.  At our interim results on 6 December we explained that the process is ongoing, and this remains the case.

Early last month the Board was made aware of anonymous allegations regarding the preparation of the completion accounts for the acquisition.  The Board immediately instructed Allen and Overy LLP, assisted by specialist independent forensic accountants from Alix Partners, to conduct an investigation.  This investigation was recently completed and concluded that the allegations are without substance and do not raise any other issues that would warrant further investigation.

As the Company reported at its interim results on 6 December, the integration is progressing well, and ahead of original expectations.

Enquiries:

DS Smith Plc [phone]

Miles Roberts, Group Chief Executive

Steve Dryden, Group Finance Director

Simon Craven, Group Communications Director

Louise Richardson, Interim Head of Investor Relations

Tulchan [phone]

John Sunnucks, David Allchurch

 

END

 

 

MSCUBSWRUVAUARA