12 Nov 2020 11:31
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12 November 2020
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Fiske Plc
('Fiske' or 'the Company')
Sale of Euroclear shares
The board of Fiske is pleased to announce that it has entered into a conditional agreement to sell 1,000 shares in Euroclear Holding SA ("Euroclear" and the "Sale Shares") equal to approximately 28% of its current holding for a cash consideration of €1.6M (circa £1.4M). The buyer is an European bank which is already a shareholder in Euroclear. This transaction is subject to approval by the board of Euroclear which is expected to be received shortly.
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At 30 November 2019, the interim accounts of the Company reported a balance sheet value of the Sale Shares, which are denominated in Euros, as £1.5M. If approved, this sale will enable Fiske to realise a net profit of approximately £1.2m on the historic cost of the shares. In the year to May 2020, Fiske received a dividend of approximately £40,000 on the Sale Shares.
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The sale will provide cash to fund further growth opportunities and additionally strengthen the firm's balance sheet.
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Further announcements will be made in due course.
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The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
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For further information please contact:
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Samantha Harrison/Harrison Clarke, Grant Thornton UK LLP (Nominated Adviser)
(tel: 020 7383 5100)
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James Harrison, Fiske Plc - CEO
(tel: 020 7448 4700)
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