SIG PLC Completion of Air Handling Division sale (6588B)
03 February 2020 - 6:00PM
UK Regulatory
TIDMSHI
RNS Number : 6588B
SIG PLC
03 February 2020
3 February 2020
Sale of the Air Handling Division to France Air Management
SIG plc ("SIG" or the "Company") is pleased to announce that on
31 January 2020 it completed the sale of its Air Handling Division
to France Air Management SA for an enterprise value of EUR222.7m
(c.GBP187.0m(1) ) on a cash free, debt free basis (the "Disposal").
The net proceeds received by SIG were EUR180.9m (c.GBP151.9m(1) ),
exclusive of the repayment of debt owed to SIG by the Air Handling
Division of EUR40.9m (c.GBP34.3m(1) ). The net proceeds are subject
to customary post-completion adjustment for actual levels of cash,
debt and working capital in the Air Handling Division at
completion.
The Disposal, together with the sale of the Company's Building
Solutions business (when finalised), will complete the transition
to a robust balance sheet with a net cash position on a pro forma
basis and flexibility for increased investment and returns to
shareholders. No decision has yet been made as to the nature,
timing and quantum of any returns to shareholders.
Following these two disposals, SIG will focus on its leading
positions as a specialist distributor of insulation and interiors
products in seven countries across Europe and a merchant of roofing
and exteriors products in the UK and France.
LEI 213800VDC1BKJEZ8PV53
Contacts
SIG plc +44 (0) 114 285 6300
Nick Maddock Chief Financial Officer
Katharine Baxter Group Communications
FTI Consulting +44 (0) 20 3727 1340
Richard Mountain
Lazard - Financial adviser to SIG +44 (0) 20 7187 2000
Cyrus Kapadia / Vasco Litchfield / Anthony
Sobhi
Peel Hunt LLP - Sponsor and joint broker
to SIG +44 (0) 20 7418 8900
Nicholas How / Sam
Cann
Jefferies International Limited - Joint
broker to SIG +44 (0) 20 7029 8000
Ed Matthews / Will
Soutar
Note
1. Based on GBP : EUR foreign exchange rate of 1.191, as at 31
January 2020
Cautionary statement
This announcement is not intended to, and does not constitute,
or form part of, any offer to sell or an invitation to purchase or
subscribe for any securities or a solicitation of any vote or
approval in any jurisdiction. The information contained in this
announcement is not for release, publication or distribution to
persons in any jurisdiction where to do so might constitute a
violation of local securities laws or regulations.
Important information relating to the financial adviser and the
sponsor
Lazard & Co., Limited, which is authorised and regulated by
the Financial Conduct Authority in the United Kingdom, is acting
exclusively for SIG and for no one else in connection with the
Disposal and will not be responsible to anyone other than SIG for
providing the protections afforded to its clients or for providing
advice in connection with the Disposal, the contents of this
announcement or any other matter referenced above. Neither Lazard
& Co., Limited nor any of its affiliates owes or accepts any
duty, liability or responsibility whatsoever (whether direct or
indirect, whether in contract, tort or otherwise) to any person who
is not a client of Lazard & Co., Limited in connection with the
Disposal, any statement contained herein or otherwise.
Peel Hunt LLP, which is authorised and regulated in the United
Kingdom by the Financial Conduct Authority, is acting exclusively
for SIG and no one else in connection with the Disposal and will
not be responsible to anyone other than SIG for providing the
protections afforded to clients of Peel Hunt LLP or for providing
advice in relation to the Disposal, the contents of this
announcement or any transaction, arrangement or other matter
referred to in this announcement.
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
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