Tau Capital PLC Conditional sale of holding in Stopharm LLC (9315Y)
28 August 2018 - 4:01PM
UK Regulatory
TIDMTAU
RNS Number : 9315Y
Tau Capital PLC
28 August 2018
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
Tau Capital plc
("Tau" or the "Company")
Conditional sale of holding in Stopharm LLC
Tau Capital plc announces that on Saturday 25 August 2018, its
wholly owned subsidiary company, Tau SPV 1 Cooperatief W.A. ("TAU
SPV") entered into a Share Purchase Agreement to sell its remaining
investment, an approximately 40.35% holding in Stopharm LLC
("Stopharm"), to Aldar Orazbekovich Beisembayev (the "Buyer"), a
citizen of the Republic of Kazakhstan, for a gross consideration of
KZT 443.85 million (approximately USD 1.23 million).
The aggregate net proceeds from the sale, after allowing for
transaction and other costs, are estimated to be approximately USD
1.1 million and will be paid up to Tau. The sale is subject to bank
approval, approval of the Company's shareholders, waiver of
pre-emption rights by the participants in Stopharm, and regulatory
approvals in Kazakhstan which are expected to take up to 60 days to
obtain.
The Share Purchase Agreement contains an undertaking from the
Buyer, should the Buyer transfer the holding in Stopharm within 12
months of the closing date of the Share Purchase Agreement, to pay
to TAU SPV 25% of any excess consideration received by the Buyer
over the purchase price received by TAU SPV pursuant to the Share
Purchase Agreement.
The Share Purchase Agreement includes a Long Stop date of 24
October being 60 days from the date of signing. Tau will also be
convening an extraordinary general meeting in due course to obtain
shareholder approval for the sale and to approve a change to the
investing policy of the Company.
Stopharm is a Kazakh company engaged in wholesale pharmaceutical
distribution. Stopharm's audited results for the year ended 31
December 2017 recorded total revenues of KZT 37.4 billion
(approximately USD 112.46 million) and a profit before tax of KZT
76.3 million (approximately USD 0.23 million). The audited total
assets of Stopharm as at 31 December 2017 were KZT 14.3 billion
(approximately USD 43.00 million).
The agreed sale price represents an impairment of approximately
USD 4.77 million to the carrying value of Stopharm of USD 6 million
contained in the Company's interim results for the six months ended
30 June 2017 as reported on 29 September 2017. This impairment will
be reflected in the Company's financial statements for the year to
31 December 2017 which will be finalised and published as soon as
possible. Trading in the Company's ordinary shares will remain
suspended on AIM pending publication of the Company's annual report
and accounts for the year to 31 December 2017.
Further announcements will be made as appropriate.
Further information, please contact:
FIM Capital Limited
Philip Scales Tel: +44 (0) 1624 681250
Allenby Capital Limited (Nominated
Adviser and Joint Broker)
John Depasquale / Alex Brearley Tel: +44 (0) 203 328 5656
Peterhouse Corporate Finance Limited
(Joint Broker) Tel: +44 (0) 207 469 0933
Lucy Williams / Heena Karani
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END
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