M&C Saatchi PLC Divestment of South Africa Group subsidiaries
09 Abril 2024 - 10:22AM
RNS Regulatory News
RNS Number : 9107J
M&C Saatchi PLC
09 April 2024
9 April 2024
M&C SAATCHI
PLC
(the
"Company" or "M&C Saatchi")
Divestment of M&C Saatchi
South Africa Group subsidiaries
M&C Saatchi today
announces the divestment
of its shares in the M&C Saatchi South Africa
Group, comprising of M&C Saatchi
Abel, Connect, Levergy, Razor, Dalmatian and Black & White
(together the "M&C Saatchi South Africa Group").
M&C Saatchi's shares in the M&C Saatchi
South Africa Group are being acquired by the existing local
leadership teams which includes the directors and current minority
owners of the M&C Saatchi South Africa Group.
This divestment of the
M&C Saatchi South Africa Group
is in line M&C Saatchi's strategy to simplify
its operating structure while retaining its valued affiliation with
this South African group of agencies.
The cash consideration for the
shares of the M&C
Saatchi South Africa Group is
£5.6 million. The proceeds
of the disposal will be retained by M&C Saatchi. In the
year ended 31 December 2023, the
M&C Saatchi South Africa Group generated a consolidated profit after tax of £1.3
million (£0.7 million excluding minority interests).
Zillah Byng-Thorne, Executive Chair
of M&C Saatchi, said: "We look forward to
continuing our collaboration with M&C Saatchi Abel and
the South Africa Group as our trusted partners in the dynamic
African markets. They have a truly vibrant Africa network of
agencies servicing large global brands and this is an exciting
development which is very much a win-win for both M&C Saatchi
and the M&C Saatchi South Africa Group. We look forward to further
collaboration in the region and expanding our offering and services
to our clients."
Related party transaction
The divestment of shares in
the M&C Saatchi South Africa
Group 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 being
made by directors of the M&C Saatchi
South Africa Group. 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.
FURTHER INFORMATION
|
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 and joint
broker
|
+44
(0)20-3100-2000
|
|
Max Jones, Edd Mansfield, Will King
|
|
|
Deutsche Numis, joint broker
|
+44
(0)20-7260-1000
|
|
Nick Westlake, Iqra Amin
|
|
|
Headland Consultancy
|
+44
(0)20-3805-4822
|
|
Charlie Twigg
|
|
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END
DISUKAVRSWUSRAR
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