Last checked at 12 Nov 2020 11:31
12 November 2020
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.
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.
The sale will provide cash to fund further growth opportunities and additionally strengthen the firm's balance sheet.
Further announcements will be made in due course.
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.
For further information please contact:
Samantha Harrison/Harrison Clarke, Grant Thornton UK LLP (Nominated Adviser)
(tel: 020 7383 5100)
James Harrison, Fiske Plc - CEO
(tel: 020 7448 4700)