Edition:
United States

John Menzies To Sell Menzies Distribution To Investment Funds For Enterprise Value Of 74.5 Mln Stg


Thursday, 26 Jul 2018 02:02am EDT 

July 26 (Reuters) - John Menzies PLC ::CONDITIONAL AGREEMENT TO SELL MENZIES DISTRIBUTION TO INVESTMENT FUNDS MANAGED BY ENDLESS LLP, FOR AN ENTERPRISE VALUE OF £74.5 MILLION.CO WILL RETAIN A 10 PER CENT. EQUITY STAKE IN MENZIES DISTRIBUTION.MENZIES DISTRIBUTION WILL BE RESPONSIBLE FOR FUNDING OF SECTION B OF MENZIES DEFINED BENEFIT PENSION SCHEME.MENZIES AVIATION CONTINUES TO TRADE POSITIVELY AND WE REMAIN ON TRACK TO DELIVER OUR FULL YEAR EXPECTATIONS.LABOUR ISSUES WITHIN NORTH AMERICA CONTINUE TO PREVAIL.OVERALL GROUP NET DEBT IS IN LINE WITH OUR EXPECTATIONS.UPON COMPLETION OF DISPOSAL, MENZIES WILL REVERT TO A MORE STANDARD EXECUTIVE STRUCTURE.FORSYTH BLACK, CURRENTLY PRESIDENT & MANAGING DIRECTOR OF MENZIES AVIATION, WILL BE APPOINTED CHIEF EXECUTIVE OFFICER.REVISED REMUNERATION POLICY WILL BE PROPOSED AT FORTHCOMING GENERAL MEETING, TOGETHER WITH A NEW INCENTIVE SCHEME.IT IS BOARD'S CURRENT INTENTION TO AT LEAST MAINTAIN INTERIM AND FULL YEAR DIVIDEND IN LINE WITH LAST YEAR.