Business
Disposal of Books Division to Aurelius
Disposal of Books Division to Aurelius.
About this update from Smiths News Plc
[{"type":"text","content":"\n \nRNS Number : 9364E Connect Group PLC 15 February 2018 \n\nThis announcement contains inside information\n \nConnect Group PLC\n \n('Connect Group' or 'the Group')\n \nDisposal of Books division to Aurelius Equity Opportunities\n \nFurther to its announcements on 21 December 2017 (Disposal of Books Division) and 1 February 2018 (Update on the Disposal of the Books division to Aurelius Equity Opportunities) Connect Group PLC announces that it has agreed revised terms and completed the disposal of its Books division (\"Connect Books\") to the listed pan-European mid-market investor Aurelius Equity Opportunities SE & Co. KGaA (\"Aurelius\"), for a total cash consideration of £6m which was paid at completion.\n \nThe disposal is in line with the Group's announcement at its preliminary results in October 2017 that Connect Books would be held for sale and its financial performance excluded from continuing operations. Proceeds of the sale will be used to reduce the Group's debt and the Group's attention can now be wholly focused on the integration and transformation of its core businesses, comprising Smiths News, DMD, Tuffnells Parcels Express and Pass My Parcel.\n \nMark Cashmore, Chief Executive Officer, commented:\n \n\"We are pleased to complete the sale of Connect Books to Aurelius Equity Opportunities. The disposal will allow the Group to concentrate on its transformation strategy while ensuring the Books business is able to prosper under new and focused ownership.\n \nThe Group will announce its interim financial results for the six months ending 28 February 2018 on 1 May 2018.\n \nEnquiries:\n \n\n\n\n\nConnect Group PLC\nMark Cashmore, Chief Executive Officer\nDavid Bauernfeind, Chief Financial Officer\n\n\n \nToday: 020 7466 5000\nThereafter: 01793 563641\n\n\n\n\nwww.connectgroupplc.com\n \n\n\n\n\n\n\n\nBuchanan\nRichard Oldworth / Jamie Hooper\[email protected]\nwww.buchanan.uk.com\n\n\n \n020 7466 5000\n\n\n\n\n\n\n\n\n\n\n\n\n \nAbout Connect Group\n \nConnect Group PLC is a UK based specialist distributor and a leading provider of distribution solutions in complex and fragmented markets. The Group's networks are focused on serving high drop density early morning deliveries, and the demands of mixed and irregular sized freight...