GNC Greencore Group Plc

RNS Number:5940A
Greencore Group PLC
07 July 2004

GREENCORE GROUP PLC





CONTACT MS. C.M. BERGIN                                TELEPHONE:  +353 1  605
1029


FAX:  +353 1 605 1129





Greencore disposes of its interest in James Budgett Sugars Limited ("Budgetts")
for Euro9.05 million.





Greencore Group plc ("Greencore") announces that it has today sold its interest
in its associate, Budgetts, to Napier Brown Foods plc ("Napier Brown").
Greencore owns one third of Budgetts with ED & F Man Holdings Limited, holding
the balance, the disposal of which also forms part of this transaction.



Budgetts is a UK based distributor of sugar to the food and soft drinks
industries.



The value of the transaction in Greencore is Euro9.05 million which is comprised as
follows:-



*    Euro5.75 million cash paid at completion;

*     Deferred consideration of Euro0.25 million cash paid on the second
anniversary of completion;

*     Euro0.42 million, being one third of the net debt of Budgetts at completion;
and

*    1,395,349 new ordinary shares in Napier Brown Foods plc which will rank
pari passu in all respects with the existing ordinary shares and which are
expected to be admitted to trading on AIM shortly.     On the closing middle
market quotation of 126.5 pence per ordinary share on 6th July, 2004, these
shares are valued at Euro2.63 million.



In its financial year ended 26 September, 2003, Greencore's share of the
operating profit of Budgetts amounted to Euro1.6 million.   Greencore's share of
the net assets of Budgetts at completion amounted to Euro2.98 million; in addition
goodwill of Euro1.83 million was written off to reserves on the date of Greencore's
acquisition of its stake in Budgetts and will be included in the calculation of
profit on disposal



Commenting on the sale, Greencore's Chief Executive, David Dilger said "The sale
of our interest in Budgetts to Napier Brown will enable Greencore to continue to
sharpen its focus on its growing convenience food activities."







C.M. Bergin

Group Company Secretary





Greencore Group plc,

St. Stephen's Green House,

Earlsfort Terrace,

Dublin 2
                                         7th July, 2004.





An exchange rate of Euro1 = Stg#0.6720 has been used for the purposes of this
announcement.


                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

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