PZ CUSSONS PLC Completion of Minerva sale (1527O)

TIDMPZC

RNS Number : 1527O

PZ CUSSONS PLC

30 September 2019

PZ Cussons Plc

("PZ Cussons" or the "Group")

Completion of Minerva sale

Further to the announcement on 29 August 2019, PZ Cussons, a leading international consumer products group, is pleased to announce the completion of the sale of its Greek food subsidiary, Minerva S.A. Edible Oils and Food Enterprises ("Minerva") to Elaia Zeus Single Member S.A.(1) , a company controlled by Diorama Investments SICAR SA ("Diorama"), a Luxembourg investment company, regulated by Luxembourg's Capital Markets Commission. Diorama's external fund manager is Deca Investments AIFM.

As announced on 29 August 2019, contracts for the sale were exchanged as part of the Group's new strategy to 'Focus, Scale and Accelerate'. Completion follows the drawdown of funds by the purchaser from its financing bank. PZ Cussons received GBP41m(2) cash consideration for Minerva.

Ends -

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 PZ Cussons 
  Alan Bergin (Interim Chief Financial 
  Officer)                                0161 435 1236 
 Instinctif 
  Tim Linacre / Guy Scarborough           020 7457 2020 
 

Notes

(1) The identity of the purchasing entity is a change from that announced on 29 August 2019 as a result of a re-organisation within the purchaser's group. The purchasing entity, Elaia Zeus Single Member S.A., is a subsidiary of the original purchaser announced on 29 August (Mirties Enterprises Company Limited)

(2) Consideration translated from EUR to GBP at spot rate on 28 August of 1.10

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September 30, 2019 06:15 ET (10:15 GMT)