CSF Group PLC Update regarding the conditional disposal (2252V)

TIDMCSFG

RNS Number : 2252V

CSF Group PLC

01 November 2017

1 November 2017

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").

CSF Group plc

("CSF", the "Company" or the "Group")

Update regarding the conditional disposal

Following the Company's announcements on 12 September 2017 and 28 September 2017, CSF announces that an interim stage in the process for the conditional disposal (the "Conditional Disposal") of CSF CX Sdn Bhd ("CSF CX") by the Group has taken place.

The Group's wholly-owned subsidiary, CSF International Limited ("CSFI"), has today completed the transfer (the "Share Transfer") of its shareholdings in CSF CX to Bridge Data Centres Malaysia Holdings Sdn Bhd, a wholly-owned subsidiary of BDC AssetCo Pte Ltd (the "Purchaser"), in exchange for the consideration of RM2.00 (being approximately GBP0.34).

The completion of the Share SPA ("Completion") remains conditional upon a number of outstanding conditions being satisfied including, inter alia, the receipt of various regulatory consents and certain restructuring activities being undertaken in CSF CX following the Share Transfer. The Group and the Purchaser are working together towards achieving Completion, which is expected to occur within a deadline of six months from the date of this announcement.

The return to the Group of cash deposits lodged by the Group for banking facilities and rental deposits, which are currently estimated to amount to be approximately up to RM6 million (GBP1.0 million at current exchange rates), in connection with the CX2 and CX5 data centres is anticipated to occur following Completion.

CSFI is bound by a number of undertakings and restrictions in respect of the Conditional Disposal and has provided the Purchaser with warranties and representations and an indemnity in respect of certain aspects of the Conditional Disposal.

The Company will provide further updates as and when appropriate.

For further information, please contact:

 
 CSF Group 
  Phil Cartmell, Chairman               [phone] 
 Allenby Capital (Nominated Adviser 
  and Broker)                          [phone] 
  Nick Naylor / Alex Brearley                     5656 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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November 01, 2017 04:52 ET (08:52 GMT)