Our latest Investing Matters Podcast episode with QuotedData's Edward Marten has just been released. Listen here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksB&M Regulatory News (BME)

Share Price Information for B&M (BME)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 545.80
Bid: 545.00
Ask: 545.40
Change: 0.20 (0.04%)
Spread: 0.40 (0.073%)
Open: 548.00
High: 549.80
Low: 540.80
Prev. Close: 545.60
BME Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Disposal

11 Mar 2020 07:00

RNS Number : 6960F
B&M European Value Retail S.A.
11 March 2020
 

 

 

 

11 March 2020

B&M European Value Retail S.A.

 

Sale of German Business

 

B&M European Value Retail S.A. (the "Company" or the "Group") announces that, following the strategic review in relation to the Group's German business, which was announced in November 2019, it has exchanged contracts today for the sale of J.A. Woll-Handels GmbH ("Jawoll").

 

The sale is for the Group's entire 80% shareholding (the "Shares") in Jawoll to a purchasing consortium led by AC Curtis Salta GmbH, a company funded by Adiuva Capital. The purchaser consortium also includes Wiebke Stern, Sebastian Dorin, Alexander Dorin, STIWEC GmbH and Jalogy Beteiligungs GmbH.

 

Completion of the transaction, which is conditional upon, among other things, German competition authority clearance being granted, is expected to occur within the next 28 days or by a long stop date of 1 June 2020.

 

Subject to completion, the total consideration payable to the Group for the transaction is €12,501,000 which is to be paid in cash. €2,501,000 is payable on completion of the transaction and €10,000,000 is payable on 31 December 2020 conditional on the on-going trading of Jawoll. In addition, on completion the purchaser's consortium will repay Jawoll's bank debt, which has a facility limit of up to €16m, and had been guaranteed by the Group.

 

The total consideration payable to the Group comprises:

(i) €2,500,000 as a part repayment of an intra-group trading account balance of €5,600,000 owed by Jawoll to the Group with the remaining balance having been waived;

(ii) €10,000,000 part repayment of loans made by the Group to Jawoll of €42,980,000 (including interest) with the balance of those loans having been waived; and

(iii) a nominal sum of €1,000 for the Shares.

Accordingly, the transaction will not have a material impact on the Group's leverage.

 

Jawoll, together with its wholly owned subsidiary, Jawoll Vertriebs GmbH ("Vertriebs"), is a general merchandise discount retailer with 89 stores in the North-West of Germany. The consolidated losses of those entities as reported for the financial year ended 31 March 2019 was £15.4m and the value of their Gross Assets as at 28 September 2019 (under IFRS16) was £192.6m.

 

The sale of Jawoll (together with its wholly owned subsidiary) constitutes a Class 2 transaction for the purposes of the UK Financial Conduct Authority's Listing Rules, and, as such does not require B&M shareholders' approval.

 

One of the purchaser's consortium, STIWEC GmbH ("STIWEC"), is an existing shareholder owning 13% of the shares of Jawoll. Another member of the purchaser's consortium, Jalogy Beteiligungs GmbH ("Jalogy"), is an investment company owned by Ralf Hartwich. Mr Hartwich is the Managing Director of Jawoll and Vertriebs and he is also an existing shareholder owning 7% of the shares of Jawoll. The transaction falls within the exemption in Listing Rule 11 Annex 1 Paragraph 9 of transactions to which the related party transaction rules do not apply, as it relates to shares in an insignificant subsidiary undertaking of B&M's Group.

 

The transaction does however constitute a related party transaction under the Luxembourg Law of 24 May 2011 (as amended on 1 August 2019). For the purpose of that law the Company confirms as follows. The related parties are STIWEC and Jalogy and the nature of their relationships with Jawoll and Vertriebs is as set out above in this Announcement. They have no other material relationships with the Company or any other entities in the B&M Group. The date of the transaction is the date of this Announcement. The value and net financial impact to the B&M Group of the transaction is as set out above in this Announcement. The sale transaction with the purchaser consortium includes the sale of 11% of the total issued shares in Jawoll to STIWEC and 8.45% of the total issued shares in Jawoll to Jalogy, for part of the nominal consideration (as referred to above in this Announcement) to be paid for the Shares. The transactions with those parties forms part of the terms of the overall sale transaction with the purchaser consortium, in respect of which the total consideration for the sale transaction is set out above. That consideration reflects the loss making position of Jawoll and its subsidiary as described above.

 

This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation.

 

 

Enquiries

 

B&M European Value Retail S.A.

For further information please contact +44 (0) 151 728 5400

Simon Arora, Chief Executive

Paul McDonald, Chief Financial Officer

Steve Webb, Investor Relations Director

Investor.relations@bandmretail.com

 

Media

For media please contact +44 (0) 207 379 5151

Maitland

Daniel Yea

bmstores-maitland@maitland.co.uk

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
DISJBMBTMTTBMLM
Date   Source Headline
22nd Mar 20249:00 amRNSBoard Appointment
8th Feb 20249:00 amRNSConfirmation of timing of FY24 Preliminary Results
1st Feb 20241:00 pmRNSMajor Shareholding in Company TR-1
30th Jan 20246:23 pmRNSHolding(s) in Company
24th Jan 202410:00 amRNSPDMR Purchase of Shares
23rd Jan 202412:00 pmRNSB&M Plans Chairman Succession
18th Jan 20242:46 pmRNSNotification of Major Shareholding
15th Jan 20242:20 pmRNSBlock listing Interim Review
9th Jan 20247:00 amRNSGolden Quarter - strong profitable growth
22nd Dec 202312:00 pmRNSCorrection: PDMR announcement
22nd Dec 20238:30 amRNSPost Stabilisation Notice
19th Dec 20239:04 amRNSPCA Notification
15th Dec 20239:00 amRNSNotification of major holdings
13th Dec 202312:10 pmRNSAnnouncement further to recent placing by SSA
30th Nov 20235:41 pmRNSChange of Registered Office
30th Nov 20234:01 pmRNSTotal Voting Rights
28th Nov 20239:22 amRNSDirector/PDMR Shareholding
27th Nov 20235:13 pmRNSNotice of FY24 Third Quarter Trading Statement
24th Nov 202310:35 amRNSPDMR Notification
21st Nov 202311:32 amRNSFinal Results of Tender Offer 3.625% Senior Notes
15th Nov 202310:11 amRNSTender Offer Indicative Maximum Acceptance Amount
14th Nov 20235:52 pmRNSPricing of £250 Million Senior Secured Notes
13th Nov 20232:28 pmRNSPre Stabilisation Notice
13th Nov 20239:39 amRNS£250 Million Senior Secured Notes Offering
13th Nov 20239:30 amRNSTender Offer
13th Nov 20239:27 amRNS£250 Million Senior Secured Notes Offering
13th Nov 20239:07 amRNS£250 Million Senior Secured Notes Offering
9th Nov 20237:00 amRNSFY24 Interim Results
3rd Oct 20237:25 amRNSTotal Voting Rights
22nd Sep 202311:33 amRNSDirector Appointment and Results of OGM
19th Sep 20238:50 amRNSTiming of announcement of Half Year Results
7th Sep 20232:19 pmRNSNotification of major holdings
7th Sep 20231:31 pmRNSDirector/PDMR Shareholding
5th Sep 20239:48 amRNSAcquisition of Assets from Wilko Ltd (in admin)
1st Sep 202310:30 amRNSTotal Voting Rights
1st Sep 202310:00 amRNSDirector/PDMR Shareholding
14th Aug 20239:08 amRNSNotice of Ordinary General Meeting- replace
14th Aug 20237:00 amRNSNotice of Ordinary General Meeting
9th Aug 20234:02 pmRNSGrant of share options to PDMR
2nd Aug 20239:21 amRNSGrant of options to senior managers
2nd Aug 20239:18 amRNSGrant of options to Directors
28th Jul 20237:00 amRNSGroup Trading Director Retention Agreement
27th Jul 20231:42 pmRNSTR-1 Correction Announcement
26th Jul 20234:15 pmRNSTR-1 Notification of major holdings
26th Jul 20233:33 pmRNSBoard change
26th Jul 20238:45 amRNSEGM Voting results announcement
26th Jul 20238:15 amRNSAGM 2023 Voting results announcement
18th Jul 202311:00 amRNSBlock Listing Application
13th Jul 20231:46 pmRNSBlock listing Interim Review
30th Jun 20239:00 amRNSTotal Voting Rights

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.