Business
Sale of JFN, Trading Update and Notice of Results
Sale of JFN, Trading Update and Notice of Results.
About this update from James Fisher And Sons Plc
[{"type":"text","content":"\n \n \n This announcement contains inside information\n \n \n \n 6 March 2023\n \n \n \n \n James Fisher and Sons plc\n \n \n \n \n Sale of JFN, Trading Update and Notice of Results Announcement\n \n \n \n \n \n \n James Fisher and Sons plc (FSJ.L) ('James Fisher', 'the Group'), the leading provider of marine services, announces that it has sold the entire issued share capital of James Fisher Nuclear Holdings Limited and related properties (\"JFN\", \"the business\"), to\n Myneration Limited, a wholly-owned investment vehicle of\n Rcapital Partners LLP (\"Rcapital\").\n \n \n \n \n \n The sale forms part of the Board's ongoing commitment to rationalise and focus the Group's portfolio. Existing management and staff will remain with the business as it transitions into new ownership and Rcapital will provide JFN with\n a £3m secured revolving credit\n facility to fund the growth of the business going forward.\n \n \n \n \n \n The Group has historically given a number of parent company guarantees to support the obligations of JFN. These guarantees will remain with James Fisher following completion of the transaction although certain limited counter-indemnities have been put in place. The Group has also received certain limited undertakings and information rights in respect of the principal parent company guarantee remaining in place following completion.\n \n \n \n \n \n Following completion, an unsecured loan of £1.2m which has been made available by the Group to JFN will remain outstanding. It is anticipated that the amount outstanding under that loan will be repaid by JFN shortly after completion. In addition, the Group will make a secured interest-bearing term loan facility of up to £3.5m available to JFN. The Group has also entered into an inter-creditor agreement which sets out the priority of the facilities made available to JFN by Rcapital and the Group.\n \n \n \n \n \n JFN is a supplier of specialist engineering, manufacturing and technical services to the UK's nuclear decommissioning industry. The results of JFN have historically been reported within the Specialist Technical division. The results of JFN will be shown as a Discontinued Operation in the Group's 2022 financial statements. In 2021, the business generated third party revenue of £51.7m and a loss before tax of £0.1m. At 30 J...