Business
Update on the Disposal of the Books Division
Update on the Disposal of the Books Division.
About this update from Smiths News Plc
[{"type":"text","content":"\n \nRNS Number : 5581D Connect Group PLC 01 February 2018 \n\nThis announcement contains inside information\n \nConnect Group PLC\n(\"Connect Group\" or \"the Group\")\n \nUpdate on the Disposal of the Books division to Aurelius Equity Opportunities\n \nWe refer to our announcement of 21 December 2017 that we had signed an agreement (\"SPA\") to dispose of our Books Division (the \"transaction\") to the listed pan-European mid-market investor Aurelius Equity Opportunities SE & Co. KGaA (together with its subsidiaries and affiliates, \"Aurelius\") and our subsequent announcement of 22 January 2018.\n \nConnect Group announces that Aurelius failed to complete the transaction before the agreed deadline of midnight on 31 January 2018, as it was obligated to do under the terms of the SPA. As a result, Connect Group is considering with its advisers what action it will now take in light of this development.\n \nThe Books division continues to be classified as 'held for sale' for accounting purposes, and it remains 'business as usual' for its staff and management team as it focusses on delivering great service to meet customers' and publishers' needs and requirements, supported in the meantime by the Group's strengths and capabilities.\n \nEnquiries:\n \n\n\n\n\nConnect Group PLC\nMark Cashmore, Chief Executive Officer\nDavid Bauernfeind, Chief Financial Officer\n\n\n \n01793 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.\n \nThe Group's core businesses are each leading players in their markets:\n \nEarly Distribution\n \nSmiths News is the UK's largest newspaper and magazine wholesaling business with an approximate 55 per cent. market share. It distributes newspapers and magazines on behalf of the major national and regional publishers, delivering to approximately 27,000 customers across England and Wales ...