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SIV Sivota Plc

32.50
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Sivota Plc LSE:SIV London Ordinary Share GB00BMH30492 ORD GBP0.01
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 32.50 30.00 35.00 32.50 32.50 32.50 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Investors, Nec 5.92M -3.2M -0.2542 -1.28 4.09M

St. Ives PLC Disposal of Clays Ltd. (6605M)

01/05/2018 7:00am

UK Regulatory


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TIDMSIV

RNS Number : 6605M

St. Ives PLC

01 May 2018

1 May 2018

This announcement contains inside information.

St Ives plc

("St Ives" or the "Group")

Disposal of Clays Ltd. ("Clays")

St Ives, the international marketing services group, announces that it has completed the disposal of Clays, its legacy book production and distribution business, to Elcograf S.p.A., a major European printing group (the "Disposal").

The total consideration for the Disposal, after costs, was GBP20.0 million which was based on an enterprise value of GBP23.8 million (subject to cash, debt and working capital adjustments), and was paid in full in cash on completion. In addition, St Ives has retained the freehold to Clays' operating site in Bungay, UK, which Clays will continue leasing from the Group on a long-term basis.

St Ives will also retain the pension liabilities associated with Clays and has agreed to make a contribution of GBP2.5 million from the proceeds of the Disposal to the St Ives Defined Benefits Pension Scheme. The balance of the net proceeds of the Disposal will be used to reduce the Group's debt.

Clays prints monochrome and colour books and provides associated distribution services to UK and overseas publishers. For the year ended 28 July 2017, Clays had gross assets of GBP34.9 million and reported GBP77.7 million of revenue and a loss before tax of GBP1.6 million.

The Disposal will strengthen St Ives' balance sheet and result in a more focused Group, consistent with management's long-term strategy to refocus its operations on its Strategic Marketing segment.

Matt Armitage, Chief Executive of St Ives, said:

"Today's sale of Clays is a major milestone for St Ives, which will allow our senior management team to focus entirely on growing the Group's Strategic Marketing businesses, both in the UK and internationally.

"Over fifty years ago, St Ives was founded as a print business. But as our markets and customer preferences changed, we too evolved, reducing our exposure to the commoditised print markets while embracing the digital world, becoming a leader in the marketing services industry through acquisition and organic growth.

"This transformation began in 2010 and, following the recently announced disposals of our legacy print businesses, we are now a more focused strategic marketing Group, well equipped to deliver the exciting next stage in St Ives' evolution."

"We would like to take this opportunity to thank our colleagues from Clays for all their hard work and dedication over the years, and we wish them every success in the future."

- Ends -

For further information please contact:

   St Ives plc                                                      020 7928 8844 

Matt Armitage, Chief Executive

Brad Gray, Chief Financial Officer

   MHP Communications                                 020 3128 8788 

Tim Rowntree / Giles Robinson / Luke Briggs

This information is provided by RNS

The company news service from the London Stock Exchange

END

DISLFFLISEIIVIT

(END) Dow Jones Newswires

May 01, 2018 02:00 ET (06:00 GMT)

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