Business
Completion of Air Handling Division sale
Completion of Air Handling Division sale.
About this update from Sig Plc
[{"type":"text","content":"\n \nRNS Number : 6588B SIG PLC 03 February 2020 \n\n3 February 2020\n \n \nSale of the Air Handling Division to France Air Management\n \nSIG plc (\"SIG\" or the \"Company\") is pleased to announce that on 31 January 2020 it completed the sale of its Air Handling Division to France Air Management SA for an enterprise value of EUR222.7m (c.£187.0m1) on a cash free, debt free basis (the \"Disposal\"). The net proceeds received by SIG were EUR180.9m (c.£151.9m1), exclusive of the repayment of debt owed to SIG by the Air Handling Division of EUR40.9m (c.£34.3m1). The net proceeds are subject to customary post-completion adjustment for actual levels of cash, debt and working capital in the Air Handling Division at completion. \n \nThe Disposal, together with the sale of the Company's Building Solutions business (when finalised), will complete the transition to a robust balance sheet with a net cash position on a pro forma basis and flexibility for increased investment and returns to shareholders. No decision has yet been made as to the nature, timing and quantum of any returns to shareholders.\n \nFollowing these two disposals, SIG will focus on its leading positions as a specialist distributor of insulation and interiors products in seven countries across Europe and a merchant of roofing and exteriors products in the UK and France.\n \nLEI 213800VDC1BKJEZ8PV53\nContacts\n\n\n\nSIG plc\n\n\n \n\n\n+44 (0) 114 285 6300\n\n\n\n\nNick Maddock\n\n\nChief Financial Officer\n\n\n \n\n\n\n\nKatharine Baxter\n\n\nGroup Communications\n\n\n \n\n\n\n\n \n\n\n \n\n\n \n\n\n\n\nFTI Consulting\n\n\n \n\n\n+44 (0) 20 3727 1340\n\n\n\n\nRichard Mountain\n\n\n \n\n\n \n\n\n\n\n \n\n\n \n\n\n \n\n\n\n\nLazard - Financial adviser to SIG\n\n\n+44 (0) 20 7187 2000\n\n\n\n\nCyrus Kapadia / Vasco Litchfield / Anthony Sobhi\n\n\n \n\n\n\n\n \n\n\n \n\n\n \n\n\n\n\nPeel Hunt LLP - Sponsor and joint broker to SIG\n\n\n+44 (0) 20 7418 8900\n\n\n\n\nNicholas How / Sam Cann\n\n\n \n\n\n \n\n\n\n\n \n\n\n \n\n\n \n\n\n\n\nJefferies International Limited - Joint broker to SIG\n\n\n+44 (0) 20 7029 8000\n\n\n\n\nEd Matthews / Will Soutar...