Regulatory Announcements
23 March 2000
The sale follows the exercise of Menzies' put option under the terms of an agreement between Menzies and Samas-Groep dated 27th March 1996. Samas-Groep is the majority shareholder in SUOS with a 64% interest.
David Mackay, Chief Executive of Menzies, said
"At our interim results in January I stated that the reshaping and repositioning of Menzies was continuing as we progressed towards our goal of becoming a focused distribution and aviation services group.
"SUOS has been a significant and highly successful investment for Menzies. It does not however represent a core activity for the future. We have therefore taken the opportunity to realise our investment by disposing of our 36% holding to Samas-Groep, SUOS' majority shareholder. The proceeds of this sale will enable us to concentrate on developing Menzies' aviation services activities by providing additional funds for both internal investment and future acquisitions."
SUOS was established in May 1996 as a joint company between Menzies and Samas-Groep by combining the Universal Office Supplies division of Menzies with the Samas Office Supplies business of Samas-Groep. It is one of Europe's largest office product suppliers with particular strengths in the Benelux, UK and German markets.
In the year to 31st March 1999, the accounting reference date of Samas-Groep, the net assets and profit before tax attributable to Menzies' investment in its associate SUOS were £11.2m and £5.1m respectively, on which a dividend of £3.0m was received by Menzies in October 1999. Menzies does not expect that any taxation liability will arise on this sale
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HOLDING IN SAMAS UNIVERSAL OFFICE SUPPLIES SOLD FOR £44m
John Menzies plc ("Menzies") is selling its 36% interest in Samas Universal Office Supplies BV ("SUOS") to Samas-Groep NV of the Netherlands ("Samas-Groep") for NLG 158m (£44m) in cash payable on 31st March 2000.The sale follows the exercise of Menzies' put option under the terms of an agreement between Menzies and Samas-Groep dated 27th March 1996. Samas-Groep is the majority shareholder in SUOS with a 64% interest.
David Mackay, Chief Executive of Menzies, said
"At our interim results in January I stated that the reshaping and repositioning of Menzies was continuing as we progressed towards our goal of becoming a focused distribution and aviation services group.
"SUOS has been a significant and highly successful investment for Menzies. It does not however represent a core activity for the future. We have therefore taken the opportunity to realise our investment by disposing of our 36% holding to Samas-Groep, SUOS' majority shareholder. The proceeds of this sale will enable us to concentrate on developing Menzies' aviation services activities by providing additional funds for both internal investment and future acquisitions."
SUOS was established in May 1996 as a joint company between Menzies and Samas-Groep by combining the Universal Office Supplies division of Menzies with the Samas Office Supplies business of Samas-Groep. It is one of Europe's largest office product suppliers with particular strengths in the Benelux, UK and German markets.
In the year to 31st March 1999, the accounting reference date of Samas-Groep, the net assets and profit before tax attributable to Menzies' investment in its associate SUOS were £11.2m and £5.1m respectively, on which a dividend of £3.0m was received by Menzies in October 1999. Menzies does not expect that any taxation liability will arise on this sale
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