Business
Update Regarding The Milk Pension Fund
Update Regarding The Milk Pension Fund.
About this update from Genus Plc
[{"type":"text","content":"\n \nRNS Number : 7766G Genus PLC 01 June 2017 \n\nFor immediate release 1 June 2017\nGenus plc\n('Genus' or the 'Group')\nUpdate Regarding The Milk Pension Fund\nGenus, a leading global animal genetics company, draws attention to the announcement made today by National Milk Records plc ('NMR') on the NEX Exchange Growth Market. The statement refers to a circular to NMR's shareholders regarding its proposed withdrawal from the Milk Pension Fund ('MPF') under a Flexible Apportionment Arrangement between NMR, Genus and the Trustees of the MPF. The MPF is a multi-employer scheme where Genus has joint and several liability for the total liabilities of the scheme.\nSubject to approval by NMR's shareholders, NMR's withdrawal from the pension fund will become effective on 23 June 2017. In return for the right to withdraw from the MPF, NMR will, among other matters, (i) make a one-off, lump sum cash payment of £10.1m to the MPF, equivalent to the undiscounted value of all NMR's future payments under the existing MPF recovery plan which extends to March 2026; and (ii) make a payment to Genus of £4.7m of which £1.4m will be satisfied by the issue NMR shares.\nFurther details of this transaction are set out in NMR's shareholder circular which is available at www.nmr.co.uk.\nFor further information, please contact:\n \nGenus &n...