Business
Reorg of DCC's British Enviro
Reorg of DCC's British Enviro.
About this update from Dcc Plc
[{"type":"text","content":"\n RNS Number : 9017F DCC PLC 21 January 2010 \n \n\n\n21 January 2010\n\nReorganisation of DCC's British Environmental Operations \n\n\nDCC plc, the business support services group, and Michael Tracey, the Managing Director of the William Tracey Group, have formed a new holding company, DCC Environmental Britain Limited, which will own DCC's British environmental operations. \n\nPrior to the reorganisation DCC and Michael Tracey each owned 50% of the William Tracey Group and owned 90% and 10% respectively of Wastecycle Limited. In return for a consideration of Stg£8.455 million payable by DCC to Michael Tracey, both the William Tracey Group and Wastecycle will become 100% subsidiaries of DCC Environmental Britain Limited which will be owned 70% by DCC and 30% by Michael Tracey. In addition DCC and Michael Tracey will each continue to have an effective 50% interest in one former landfill site of the William Tracey Group which may have future development potential.\n\nThe William Tracey Group is Scotland's leading recycling and resource management company operating from 11 sites across the central belt of Scotland and north of England, including one of the largest material recycling facilities in Britain which covers 25 acres. Established in 1948, the William Tracey Group possesses unparalleled industry experience in Scotland and applies the latest technologies in managing both hazardous and non hazardous waste. \n\nWastecycle is a leading East Midlands recycling and resource management company, operating from a 15 acre site close to Nottingham city centre also applying the latest technologies to divert the highest possible proportion of waste from landfill.\n\nThe combined profit before tax of the William Tracey Group and Wastecycle for the year ended 31 March 2009 was €7.980 million (Stg£6.943 million). At 31 March 2009 the book value of their combined gross assets was €63.400 million (Stg£55.158 million) including cash of approximately €5.091 million (Stg£4.429 million).\n\nPut and call options have been put in place over Michael Tracey's 30% shareholding in DCC Environmental Britain...