Menzies(John) PLC Completion of Disposal (8103Z)

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 London Stock Exchange. RNS is approved by the Financial Conduct 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 [e-mail] or visit www.rns.com.

END

DISEASNSEFSPEEF

(END) Dow Jones Newswires

September 05, 2018 02:00 ET (06:00 GMT)