DCC Regulatory News (DCC)

19 Dec 2007 10:11

DCC PLC19 December 2007 Sale of shareholding in Manor Park Homebuilders DCC plc ("DCC") announces that it has today received and accepted an offer tosell its 49% shareholding in Manor Park Homebuilders Limited ("Manor Park") toMorvest Limited, a Moran family company, for a consideration of €9 million. JoeMoran is the holder of the remaining 51% of Manor Park. DCC yesterday received a dividend of €172 million from Manor Park as frankedinvestment income. That dividend, along with the share sale proceeds whenreceived, amounting in total to €181 million, considerably strengthens DCC'sfinancial capacity to pursue continuing growth and development in its corebusinesses, both organically and by acquisition. Manor Park has been a highly successful investment for DCC in partnership withJoe Moran, who has led the Company very capably as Chairman since its formationin 1979. Manor Park has a large landbank for housing development and othersignificant development projects in the pipeline. The dividend received by DCC yesterday and the sale of the shareholding willgive rise to an exceptional profit of approximately €95 million. DCC now expectsto report an overall Group exceptional profit for the year to 31 March 2008of approximately €34 million. For reference, please contact: Jim Flavin, Executive Chairman, DCCGerard Whyte, Group Secretary, DCC Tel:+353 1 2799 400Email: investorrelations@dcc.iewww.dcc.ie This information is provided by RNS The company news service from the London Stock Exchange