Business
Completion of Disposal
Completion of Disposal.
About this update from Vesuvius Plc
[{"type":"text","content":"\n \nRNS Number : 0785G Vesuvius plc 03 June 2013 \n \n\n \n3 June 2013\nVesuvius plc\n \nCompletion of disposal and confirmation of share repurchase programme\n\nVesuvius plc (the \"Company\"), a leading metal flow engineering company, announces that on 31 May 2013 following the satisfaction of all conditions to closing, it completed the sale of its Precious Metals Processing Division to Heimerle + Meule GmbH, a subsidiary of L. Possehl & Co, mbH. \n\nThe cash consideration of €56.8m was received on completion and will be subject to customary closing balance sheet adjustments. \n\nAs previously announced, the Company intends to undertake an on-market share repurchase programme to return up to £30m to shareholders. This programme is expected to commence post the 2013 AGM which will be held on Tuesday 4 June 2013 and to take up to 6 months to complete. \n\nThe balance of the net proceeds will be used to reduce the Company's existing borrowings. \n \nEnds\n \nFor further information please contact:\n \nShareholder/analyst enquiries:\n\n\n\n\nVesuvius plc\n\n\nFrançois Wanecq, Chief Executive\n\n\n+44 (0) 207 822 0000\n\n\n\n\n\n\n\nChris O'Shea, Chief Financial Officer\n\n\n+44 (0) 207 822 0000\n\n\n\n\n\n\n\nMaddy Cox-Smith, Investor Relations Manager\n\n\n+44 (0) 207 822 0016\n\n\n\n\n \nMedia enquiries:\n\n\n\n\nMHP Communications\n\n\nJohn Olsen/Ian Payne\n\n\n+44 (0) 203 128 8100\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAbout Vesuvius plc:\n \nVesuvius is a global leader in metal flow engineering, developing, manufacturing and marketing mission-critical ceramic consumable products and systems to demanding applications, primarily in the global steel and foundry industries.\n \nNotes:\n \nThe share repurchase programme is subject to the approval of shareholders at the Company's AGM on 4 June 2013. If such authority is granted the share repurchase programme will be executed subject to the following conditions: \n \na) the maximum aggregate number of ordinary shares which will be repurchased will be 27,848,507 ordinary shares of 10 pence each;\n \nb) the minimum price which may be paid for each such ordinary share shall not be less than the nominal value of the ordinary shares at the time of the purchase;\n \nc) the maxim...