Kier Group PLC Disposal of Kier share in KHSA to Downer (4088H)
15 November 2018 - 6:01PM
UK Regulatory
TIDMKIE
RNS Number : 4088H
Kier Group PLC
15 November 2018
KIER GROUP PLC
Disposal of Kier share in KHSA Limited to Downer Group
Kier Group plc ("Kier"), a leading infrastructure services,
buildings and developments & housing group, announces that it
has agreed terms for the disposal of KHSA Limited ("KHSA") to
Downer Group ("Downer") for a total consideration of up to
AUS$43.7m (c.GBP24m), subject to an escrow arrangement. The
consideration will be satisfied in cash on completion, which is
expected to take place in early 2019.
KHSA, which was acquired as part of the Mouchel group of
companies in 2015, provides road asset management and maintenance
services in Australia in joint venture with Downer. For the
financial year ended 30 June 2018, KHSA reported a profit before
tax of GBP7.0m. The gross assets of the company were GBP52.1m at 30
June 2018.
The disposal is expected to result in a profit of c.GBP15m,
subject to post-completion adjustments. The proceeds from the sale
will be used to accelerate the reduction of Kier's net debt.
- E N D S -
For further information, please contact:
Louise Turner-Smith, Kier
investor relations +44 (0)7976 790 012
Kier press office +44 (0)1767 355 903
Richard Mountain/Nick Hasell,
FTI Consulting +44 (0) 20 3727 1340
This announcement does not constitute an offer of securities by
Kier Group plc (the "Company"). Nothing in this announcement is
intended to be, or intended to be construed as, a profit forecast
or a guide as to the performance, financial or otherwise, of the
Company or any of its subsidiaries (together, the "Group") whether
in the current or any future financial year. This announcement may
include statements that are, or may be deemed to be,
"forward-looking statements". By their nature, forward-looking
statements involve risks and uncertainties because they relate to
events and depend on circumstances that may or may not occur in the
future and may be beyond the Company's or the Group's ability to
control or predict. Forward-looking statements are not guarantees
of future performance. You are advised to read the section headed
"Principal risks and uncertainties" in the Company's Annual Report
and Accounts for the year ended 30 June 2018 for a further
discussion of the factors that could affect the Company's or the
Group's future performance and the industry in which it operates.
Other than in accordance with its legal or regulatory obligations,
the Company does not accept any obligation to update or revise
publicly any forward-looking statement, whether as a result of new
information, future events or otherwise.
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 rns@lseg.com or visit www.rns.com.
END
DISLFFIFLILSLIT
(END) Dow Jones Newswires
November 15, 2018 02:01 ET (07:01 GMT)
Kier (LSE:KIE)
Historical Stock Chart
From Apr 2024 to May 2024
Kier (LSE:KIE)
Historical Stock Chart
From May 2023 to May 2024