Last checked at 2 Apr 2024 15:24
2 April 2024
M&C SAATCHI PLC
(the "Company" or "M&C Saatchi")
Divestment of Associates
The Company announces the divestment of certain French associate investments in line with its strategy to simplify its operating structure and improve efficiency across the group. The associate companies being divested are Cometis, Australie, and M&C Saatchi Little Stories (together the "French Associate Investments") which are being acquired by the existing local leadership team which includes the directors of the French Associate Investments.
The Company has agreed to dispose of its entire shareholding in the French Associate Investments for cash consideration of €1 million. The proceeds of the disposal will be retained by the group.
In the year ended 31 December 2022, the French Associate Investments collectively generated a loss of €279k.
Related party transaction
The divestment of the French Associate Investments is considered to be a related party transaction for the purposes of AIM Rule 13 of the AIM Rules for Companies due to the acquisition of the Company's interest in the French Associate Investments being made by directors of the entities. For the purposes of the AIM Rules for Companies, the directors of M&C Saatchi, having consulted with the Company's Nominated Adviser, Liberum Capital Limited, consider the terms of this divestment to be fair and reasonable so far as its shareholders are concerned.
M&C Saatchi plc | +44 (0)20-7543-4500 |
Zillah Byng-Thorne, Executive Chair Bruce Marson, Chief Financial Officer Jill Sherratt, Head of Investor Relations | |
Liberum, NOMAD | +44 (0)20-3100-2000 |
Max Jones, Benjamin Cryer, Will King | |
Deutsche Numis | +44 (0)20-7260-1000 |
Nick Westlake, Iqra Amin | |
Headland Consultancy | |
Stephen Malthouse, Rob Walker, Charlie Twigg | +44 (0)20-3805-4822 |