Benchmark Holdings PLC Sale of FishVet (6672R)
July 01 2020 - 1:00AM
UK Regulatory
TIDMBMK
RNS Number : 6672R
Benchmark Holdings PLC
01 July 2020
1 July 2020
Benchmark Holdings
("Benchmark" the "Company" or the "Group")
Sale of veterinary and diagnostic services business
Benchmark Holdings, the aquaculture genetics, health and
advanced nutrition company, announces that it has completed the
sale of its wholly owned subsidiary FVG Ltd. ("FishVet") to
Pharmaq, part of the global animal health company Zoetis, for a
total cash consideration of GBP14.4 - GBP14.7 million. The sale
comprises Benchmark's veterinary and diagnostic services activities
in the UK, Ireland, Norway and Chile. The final consideration will
depend on certain final costs to be borne by Benchmark.
The transaction is another significant step in Benchmark's
strategy to exit non-core areas and focus on its key disciplines in
the global aquaculture markets. The sale of FishVet together with
the sale of Improve International announced on 23 June, raised in
aggregate c. GBP27.25m including GBP3.25m in deferred
consideration, in line with expectations. The sale significantly
strengthens the Group's financial position and liquidity. To date,
the Company has sold or exited seven businesses generating up to
GBP30.3m in cash proceeds including GBP3.75m in deferred
consideration.
Having successfully exited these businesses as planned, the
Company continues to progress the review of its vaccine strategy
and the exit from its activities in companion animal products.
Trond Williksen, CEO, commented
"I am very pleased to announce this transaction, the proceeds of
which together with those from the sale of Improve International
last week, are in line with our expectations. These disposals
represent a significant step forward in our strategy to become a
streamlined, profitable business focused on our key areas of
competency."
"The FishVet team is a highly talented group. I would like to
thank every member of the team and wish them success in the
future."
For further information, please contact:
Benchmark Holdings plc benchmark@mphc.com
Trond Williksen, CEO
Septima Maguire, CFO
Ivonne Cantu, Investor Relations
Numis (Broker and NOMAD) Tel: 020 7260 1000
James Black, Freddie Barnfield, Duncan
Monteith
MHP Communications Tel: 07551 170 451
Katie Hunt, Reg Hoare, Alistair de Kare-Silver benchmark@mphc.com
About Benchmark
Benchmark's mission is to enable aquaculture producers to
improve their sustainability and profitability.
We bring together biology and technology, to develop innovative
products which improve yield, quality and animal health and welfare
for our customers. We do this by improving the genetic make-up,
health and nutrition of their stock - from broodstock and hatchery
through to nursery and grow out.
Benchmark has a broad portfolio of products and solutions,
including salmon eggs, live feed (Artemia), diets and probiotics
and sea lice treatments. Find out more at www.benchmarkplc.com
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END
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