Menzies(John) PLC Completion of Disposal (8103Z)
September 05 2018 - 1:00AM
UK Regulatory
TIDMMNZS
RNS Number : 8103Z
Menzies(John) PLC
05 September 2018
John Menzies plc
("Menzies" or the "Company")
Completion of Disposal
5 September 2018
Menzies is pleased to announce that the disposal of Menzies
Distribution, its print media division, to investment funds managed
by Endless LLP, for an enterprise value of GBP74.5 million on a
cash and debt free basis (the "Disposal"), has completed. The
Disposal creates a pure play global aviation services business that
is operating in a structural growth market and marks Menzies' exit
from the market for print media and retail logistics.
The Disposal was originally announced on 26 July 2018 and
further details were set out in a circular sent to the Company's
shareholders on 30 July 2018. The Disposal was approved by the
Company's shareholders at general meetings held on 22 August
2018.
Following completion and as previously announced, Menzies will
now revert to a more standard executive structure and is delighted
to ratify the appointment of Forsyth Black as Chief Executive
Officer of the Company with immediate effect. Forsyth has been with
Menzies for 17 years and will now focus his energies on continuing
to grow our Aviation business in a market with strong growth
dynamics.
Forsyth Black, CEO, said:
"I am delighted to have concluded our strategic realignment that
will see the creation of John Menzies plc as a global pure play
aviation services business. I believe we are well-placed to deliver
our growth ambitions in the structurally growing aviation services
market and I am very proud to now lead the business forward as its
CEO together with the support of my team."
Contacts:
John Menzies plc T: 0131 459 8018
Giles Wilson, Chief Financial Officer
John Geddes, Group Company Secretary & Corporate Affairs Director
Rothschild & Co (Financial Adviser and T: 020 7280 5000
Sponsor to Menzies)
Neil Thwaites, Sabina Pennings
Numis Securities (Joint Broker to Menzies) T: 020 7260 1000
Christopher Wilkinson, Michael Burke
Shore Capital (Joint Broker to Menzies) T: 020 7408 4090
Mark Percy, Toby Gibbs
FTI Consulting T: 020 3727 1000
Jonathon Brill, Alex Beagley, Fern Duncan
Important notice
N M Rothschild & Sons Limited ("Rothschild & Co"), which
is authorised and regulated by the Financial Conduct Authority
("FCA") in the United Kingdom, is acting as sponsor and financial
adviser to Menzies in connection with the Transaction referred to
in this announcement. Rothschild & Co is acting exclusively for
Menzies and no one else in connection with the Transaction and save
for any responsibilities and liabilities, if any, which may be
imposed on Rothschild & Co, in its capacity as sponsor by the
Financial Services and Markets Act 2000, as amended, Rothschild
& Co will not be responsible to anyone other than Menzies for
providing the protections afforded to clients of Rothschild &
Co or for providing advice in relation to the Transaction or the
contents of this announcement or any transaction, arrangement or
matter referred to herein.
Numis Securities Limited ("Numis Securities") is authorised and
regulated by the FCA in the United Kingdom, is acting solely for
Menzies and nobody else in relation to the Transaction and will not
be responsible to anyone other than Menzies for providing the
protections afforded to its clients nor for providing advice in
relation to the Transaction or any other matter referred to in
this.
Shore Capital Stockbrokers Limited ("Shore Capital") is
authorised and regulated by the FCA in the United Kingdom, is
acting solely for Menzies and nobody else in relation to the
Transaction and will not be responsible to anyone other than
Menzies for providing the protections afforded to its clients nor
for providing advice in relation to the Transaction or any other
matter referred to in this.
This announcement has been issued by and is the responsibility
of John Menzies plc.
This information is provided by RNS, the news service of the
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Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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