Genus PLC Update Regarding The Milk Pension Fund (7766G)
June 01 2017 - 1:05AM
UK Regulatory
TIDMGNS
RNS Number : 7766G
Genus PLC
01 June 2017
For immediate release 1 June 2017
Genus plc
('Genus' or the 'Group')
Update Regarding The Milk Pension Fund
Genus, a leading global animal genetics company, draws attention
to the announcement made today by National Milk Records plc ('NMR')
on the NEX Exchange Growth Market. The statement refers to a
circular to NMR's shareholders regarding its proposed withdrawal
from the Milk Pension Fund ('MPF') under a Flexible Apportionment
Arrangement between NMR, Genus and the Trustees of the MPF. The MPF
is a multi-employer scheme where Genus has joint and several
liability for the total liabilities of the scheme.
Subject to approval by NMR's shareholders, NMR's withdrawal from
the pension fund will become effective on 23 June 2017. In return
for the right to withdraw from the MPF, NMR will, among other
matters, (i) make a one-off, lump sum cash payment of GBP10.1m to
the MPF, equivalent to the undiscounted value of all NMR's future
payments under the existing MPF recovery plan which extends to
March 2026; and (ii) make a payment to Genus of GBP4.7m of which
GBP1.4m will be satisfied by the issue NMR shares.
Further details of this transaction are set out in NMR's
shareholder circular which is available at www.nmr.co.uk.
For further information, please contact:
Genus Tel: +44(0)1256 345970
Stephen Wilson, Group Finance Director
Dan Hartley, Group General Counsel and Company Secretary
Buchanan Tel: +44(0)207 466 5000
Charles Ryland / Vicky Hayns
This announcement is available on the Genus website
www.genusplc.com
About Genus
Genus creates advances to animal breeding and genetic
improvement by applying biotechnology and sells added value
products for livestock farming and food producers. Its technology
is applicable across all livestock species and is currently
commercialised by Genus in the dairy, beef and pork food production
sectors.
Genus's worldwide sales are made in seventy countries under the
trademarks "ABS" (dairy and beef cattle) and "PIC" (pigs) and
comprise semen and breeding animals with superior genetics to those
animals currently in production. Genus's customers' animals produce
offspring with greater production efficiency, and quality, and use
these to supply the global dairy and meat supply chain.
The Group's competitive edge has been created from the ownership
and control of proprietary lines of breeding animals, the
biotechnology used to improve them and its global supply chain,
technical service and sales and distribution network.
With headquarters in Basingstoke, United Kingdom, Genus
companies operate in thirty countries on six continents, with
research laboratories located in Madison, Wisconsin, USA.
This information is provided by RNS
The company news service from the London Stock Exchange
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