Business
Disposal
Disposal.
About this update from Roebuck Food Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 5285N\n Norish PLC\n 30 September 2021\n \n \n \n \n The information contained within this announcement was previously deemed by the Company to constitute inside information as stipulated by Market Abuse Regulation (EU) No 596/2014 (\"EU MAR\") and the retained UK law version of EU MAR pursuant to the Market Abuse (Amendment) (EU Exit) Regulations 2019 (SI 2019/310) (\"UK MAR\"). With the publication of this announcement via a Regulatory Information Service, this information is now considered to be in the public domain\n \n \n \n \n \n Norish plc (\"Norish\" or the \"Company\")\n \n \n Proposed Disposal of Cold Stores\n \n \n \n 30 September 2021\n \n \n Norish plc (AIM: NSH), is pleased to announce the conditional agreement for the sale of its cold storage division to \n Nichirei Holding Holland B.V\n , a wholly owned subsidiary of Nichirei Logistics Group Inc. for a consideration of £65.706 million\n (\"the Disposal\"). Following the settlement of indebtedness and the operation of a completion accounts mechanism in the Sale and Purchase Agreement, this will result in a consideration receivable by the Company of approximately £57.3 million.\n \n \n In its preliminary results for 2020, the Company announced its intention to conduct a strategic review in relation to its cold store division and appointed Investec Corporate Finance to conduct a sale process which has culminated in the Disposal.\n \n \n The Disposal constitutes a fundamental change of business of the Company for the purposes of Rule 15 of the AIM Rules and as such is conditional on shareholder approval. Accordingly, an Extraordinary General Meeting (\"EGM\") is being convened for the purposes of passing the approval resolution (\"the Resolution\"). A Circular convening the EGM will be posted to shareholders following this announcement. The EGM is scheduled to take place at 9:00 a.m. on 20 October 2021. \n \n \n Norish's cold storage division, which is the subject of the Disposal, is organized through the Cold Storage Group, being its wholly-owned subsidiary Norish (NI) Ltd and that company's wholly-owned subsidiary Norish Ltd. The division currently operates from 6 strategically located sites and provides in excess of \n 47,500 racked temperature-controlled pallet spaces.\n \n \n · \n Bury St. Edmunds, Suffolk (Cold store) ...