Roebuck Food Group PLC Change in Director Responsibilities (1736C)
18 2월 2022 - 10:39PM
UK Regulatory
TIDMRFG
RNS Number : 1736C
Roebuck Food Group PLC
18 February 2022
The information contained within this announcement was
previously deemed by the Company to constitute inside information
as stipulated by Market Abuse Regulation (EU) No 596/2014 ("EU
MAR") and the retained UK law version of EU MAR pursuant to the
Market Abuse (Amendment) (EU Exit) Regulations 2019 (SI 2019/310)
("UK MAR"). With the publication of this announcement via a
Regulatory Information Service, this information is now considered
to be in the public domain
Roebuck Food Group plc ("Roebuck" or the "Company")
Settlement of Completion Accounts on Cold Store Disposal
Change in Director Responsibilities
18 February 2022
On 30 September 2021, Roebuck Food Group plc (then named Norish
plc) announced the conditional agreement for the sale of its cold
storage division to Nichirei Holding Holland B.V . ("the
Purchaser"), a wholly-owned subsidiary of Nichirei Logistics Group
Inc. for a consideration of GBP65.706 million ("the Disposal").
Following the settlement of indebtedness and the operation of a
completion accounts mechanism in the Sale and Purchase Agreement,
it was then anticipated that it would result in a consideration
receivable by the Company of approximately GBP57.3 million. The
completion of the Disposal was announced on 29 October 2021.
Following Completion, the Company engaged with the Purchaser on
the completion accounts exercise. In the course of that exercise, a
difference arose in relation to the amount of a provision for
capital expenditure in respect of works to certain of the cold
store division's premises, following the receipt of tenders and
indicative pricing for these works. Following a due diligence
exercise, the Company has ultimately agreed that an adjustment to
the purchase price of GBP1,160,765 be made, with a consequent
payment of an equivalent amount to the Purchaser.
Commenting on the matter, Executive Chairman Ted O'Neill stated:
"while it is obviously disappointing that our original estimate of
capital expenditure could not be borne out, I am pleased that we
have settled the matter at this early stage and without engaging in
what might have been a protracted and lengthy exercise. The company
is able to pay this amount from its existing cash resources without
any recourse to borrowing or any effect to its ongoing business
plans."
The Company also announces that it has been agreed with Deputy
Chairman Aidan Hughes that he should continue in an executive role
until 31 December 2022, with primary responsibility for corporate
transactions and new ventures, on the same terms and conditions as
applied heretofore (save as to responsibilities).
The Directors of the Company accept responsibility for the
contents of this announcement.
Enquiries:
Roebuck
Aidan Hughes, Deputy Chairman Telephone: + 44 1293 862 498
Davy
Anthony Farrell Telephone: + 353 1 679 6363
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END
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February 18, 2022 08:39 ET (13:39 GMT)
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