Business
Receipt of consideration from
Receipt of consideration from.
About this update from Norcros Plc
[{"type":"text","content":"\n RNS Number : 8887N Norcros PLC 21 June 2010 \n \n\n \n \nNorcros plc\n(\"Norcros\", or the \"Group\")\n \n \nReceipt of consideration from disposal of investment in RJ Beaumont\nNorcros announces that it has received consideration of Aus$7.75m following the previously announced sale of its 25.5 per cent interest in RJ Beaumont & Co Pty Limited (\"Beaumont\"), its trade investment in Australia. \nThe sale had been announced on 1 June 2010 but due to Australian law requirements receipt of consideration could not take place until fourteen days after the completion of certain share reduction documentation. \nThe cash consideration received is approximately £4.3 million, net of costs of approximately £0.1m. The carrying value of the investment in the Group's balance sheet as at 31 March 2009 was £1.7 million. \nA profit on disposal of £2.6 million will, accordingly, be reported in the Group's financial statements for the year ended 31 March 2011. This disposal realises value from the Group's investment and the net proceeds will be used to reduce debt and associated interest costs. \n \n21 June 2010\n \nENQUIRIES\n \n \n\n\n\n\nNorcros plc\nJoe Matthews, Group Chief Executive\nNick Kelsall, Group Finance Director \n\n\n \n01625 549 010\n\n\n\n\nOriel \nEmma Griffin / David Arch / Jonathan Walker \n\n\n \n 020 7710 7600\n\n\n\n\nCollege Hill\nMark Garraway / Adam Aljewicz\n\n\n \n020 7457 2020\n\n\n\n\n \nFor further information please visit the Company website: www.norcros.com\n \n\nThis information is provided by RNSThe company news service from the London Stock Exchange END MSCEADKPFSEEEFF\n ","length":4083,"tagName":"div"}]