Business
Sale of shareholding
Sale of shareholding.
About this update from Dcc Plc
[{"type":"text","content":"\n DCC PLC\n19 December 2007\n\n\n\n\n\n Sale of shareholding in Manor Park Homebuilders\n\n\nDCC plc ('DCC') announces that it has today received and accepted an offer to\nsell its 49% shareholding in Manor Park Homebuilders Limited ('Manor Park') to\nMorvest Limited, a Moran family company, for a consideration of €9 million. Joe\nMoran is the holder of the remaining 51% of Manor Park.\n\nDCC yesterday received a dividend of €172 million from Manor Park as franked\ninvestment income. That dividend, along with the share sale proceeds when\nreceived, amounting in total to €181 million, considerably strengthens DCC's\nfinancial capacity to pursue continuing growth and development in its core\nbusinesses, both organically and by acquisition.\n\nManor Park has been a highly successful investment for DCC in partnership with\nJoe Moran, who has led the Company very capably as Chairman since its formation\nin 1979. Manor Park has a large landbank for housing development and other\nsignificant development projects in the pipeline.\n\nThe dividend received by DCC yesterday and the sale of the shareholding will\ngive rise to an exceptional profit of approximately €95 million. DCC now expects\nto report an overall Group exceptional profit for the year to 31 March 2008\nof approximately €34 million.\n\n\nFor reference, please contact:\n\nJim Flavin, Executive Chairman, DCC\nGerard Whyte, Group Secretary, DCC\n\nTel:+353 1 2799 400\nEmail: [email protected]\nwww.dcc.ie\n\n\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange\n \n ","length":1803,"tagName":"div"}]