15 Feb 2013 13:22
News Release
15 February 2013
Consort Medical plc
Result of General Meeting and Completion of the Proposed Disposal
Consort Medical plc (the "Company") announces that at the General Meeting held today at the offices of Allen & Overy LLP, One Bishops Square, London E1 6AD, the ordinary resolution regarding the proposed disposal of its King Systems division ("King") (the "Proposed Disposal"), as set out in the circular sent to shareholders on 30 January 2013 (the "Resolution"), was duly passed on a show of hands.
The table below shows the votes received for and against the Resolution, representing a total of 69.13% of the 29,206,652 ordinary shares in issue as at the date of the meeting:
For | % | Against | % | Withheld |
20,094,486 | 99.99 | 1,052 | 0.01 | 94,987 |
In accordance with Listing Rule 9.6.2, a copy of the Resolution will shortly be available for inspection on the UK Listing Authority's National Storage Mechanism at www.hemscott.com/nsm.do.
Further to the announcement of its proposed disposal of King on 20 December 2012, the Company is therefore pleased to confirm that all conditions precedent have been satisfied and it has completed the Proposed Disposal.
The initial consideration for the Proposed Disposal is confirmed as $125 million, being $120 million cash consideration, plus an adjustment of approximately $5 million for estimated working capital and net indebtedness at completion.
The initial consideration will be subject to a post-completion adjustment for actual working capital and actual net indebtedness at completion. The total consideration is being applied to repay both the USD and GBP borrowings of the Company, though the facilities will remain in place and undrawn for the time being.
-Ends-
Enquiries:
ConsortJonathan Glenn - Chief Executive Richard Cotton - Finance Director | Tel: +44 1442 867920 |
Evercore Partners International LLP (sponsor and financial adviser to the Company) Julian Oakley Alan Beirne | Tel: +44 20 7653 6000
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Jefferies International Limited (corporate broker to the Company) Nick Adams Max Jones | Tel: +44 20 7029 8000 |
Brunswick Group Jon Coles Amie Gramlick | Tel: +44 20 7404 5959
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Note: The exchange rate at announcement (as at 19 December 2012) was $1.6264:£1; the exchange rate at completion (as at 14 February 2013) is $1.5493:£1.
Consort Medical plc is an international medical devices company, focused on developing and manufacturing disposable medical devices for drug delivery.
Bespak is a global market leader in the manufacture of drug delivery devices for pharmaceutical partner companies, including products across the respiratory, injectables and Point of Care diagnostics markets.
The Group has facilities in King's Lynn, Cambridge, Nelson and Hemel Hempstead in the UK. Consort Medical is a public company quoted on the full list of the London Stock Exchange (LSE: CSRT). The Group's website address is www.consortmedical.com.