discoverIE Group plc Sale of Vertec SA (8271N)
04 October 2021 - 5:00PM
UK Regulatory
TIDMDSCV
RNS Number : 8271N
discoverIE Group plc
04 October 2021
7.00am, 4 October 2021
discoverIE Group plc
Sale of Vertec SA
discoverIE Group plc (LSE: DSCV, "discoverIE" or the "Group"), a
leading international designer, manufacturer and supplier of
customised electronics to industry, today announces the sale of its
100% owned South African distribution business, Vertec Scientific
SA Proprietary Limited ("Vertec SA").
Vertec SA, which is part of the Custom Supply division, is an
importer and supplier of medical equipment and related consumables
in South Africa. The business will be sold to the Vertec SA
management team and key employees, who are considered related
parties under Listing Rule 11.1.4.
Up front cash consideration for the sale is ZAR 25m (GBP1.25m)
before transaction costs and subject to certain completion
adjustments with deferred consideration of ZAR 20m (GBP1.0m)
payable in cash over the next three years. The sale is subject to
certain regulatory approvals which are expected to be received
during the third quarter of the current financial year. The sale,
once effective, will consititute a smaller related party
transaction under Listing Rule 11.1.10 R.
For further information, please contact:
discoverIE Group plc 01483 544 500
Nick Jefferies Group Chief Executive
Simon Gibbins Group Finance Director
Buchanan 020 7466 5000
Chris Lane, Toto Berger, Jack Devoy
discoverIE@buchanan.uk.com
Notes to Editors:
discoverIE Group plc is an international group of businesses
that designs, manufactures and supplies innovative components for
electronic applications.
The Group provides application-specific components to original
equipment manufacturers ("OEMs") internationally. By designing
components that meet customers' unique requirements, which are then
manufactured and supplied throughout the life of their production,
a high level of repeating revenue is generated with long term
customer relationships.
With a focus on key markets driven by structural growth and
increasing electronic content, namely renewable energy, medical,
transportation and industrial & connectivity, the Group aims to
achieve organic growth that is well ahead of GDP and to supplement
that with targeted complementary acquisitions. The Group has an
ongoing commitment to reducing the impact of its operations on the
environment, while its key markets are aligned with a sustainable
future.
The Group employs c.4,600 people and its principal operating
units are located in Continental Europe, the UK, China, Sri Lanka,
India and North America.
The Group is listed on the Main Market of the London Stock
Exchange and is a member of the FTSE250, classified within the
Electrical Components and Equipment subsector, with revenues of
around GBP500m.
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