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Consort Medical Plc Announces Completion Of Proposed Disposal

Friday, 15 Feb 2013 08:22am EST 

Consort Medical Plc announced the proposed disposal of its King Systems division (King) (the Proposed Disposal), as set out in the circular sent to shareholders on January 30, 2013 (the Resolution), was duly passed on a show of hands. Further to the announcement of its proposed disposal of King on December 20, 2012, the Company now confirmed that all conditions precedent have been satisfied and it has completed the Proposed Disposal. The initial consideration for the Proposed Disposal is confirmed as $125 million, being $120 million cash consideration, plus an adjustment of approximately $5 million for estimated working capital and net indebtedness at completion. The total consideration is being applied to repay both the USD and GBP borrowings of the Company, though the facilities will remain in place and undrawn for the time being. 

Company Quote

1.0 +0.12%
30 Jan 2015