Completion of disposal and confirmation of share repurchase programme
Vesuvius plc (the "Company"), a leading metal flow engineering company, announces that on 31 May 2013 following the satisfaction of all conditions to closing, it completed the sale of its Precious Metals Processing Division to Heimerle + Meule GmbH, a subsidiary of L. Possehl & Co, mbH.
The cash consideration of €56.8m was received on completion and will be subject to customary closing balance sheet adjustments.
As previously announced, the Company intends to undertake an on-market share repurchase programme to return up to £30m to shareholders. This programme is expected to commence post the 2013 AGM which will be held on Tuesday 4 June 2013 and to take up to 6 months to complete.
The balance of the net proceeds will be used to reduce the Company's existing borrowings.
- Ends -
For further information please contact:
+44 (0) 207 822 0000
Chief Financial Officer
+44 (0) 207 822 0000
Investor Relations Manager
+44 (0) 207 822 0016
John Olsen/Ian Payne
+44 (0) 203 128 8100
About Vesuvius plc:
Vesuvius is a global leader in metal flow engineering, developing, manufacturing and marketing mission-critical ceramic consumable products and systems to demanding applications, primarily in the global steel and foundry industries.
The share repurchase programme is subject to the approval of shareholders at the Company's AGM on 4 June 2013. If such authority is granted the share repurchase programme will be executed subject to the following conditions:
a) the maximum aggregate number of ordinary shares which will be repurchased will be 27,848,507 ordinary shares of 10 pence each;
b) the minimum price which may be paid for each such ordinary share shall not be less than the nominal value of the ordinary shares at the time of the purchase;
c) the maximum price which may be paid for each ordinary share shall be an amount equal to the higher of (i) 105% of the average of the closing price of the Company's ordinary shares as derived from the London Stock Exchange Daily Official List on the five business days immediately preceding the date on which such share is contracted to be purchased and (ii) the price stipulated by Article 5(1) of the Buy-Back and Stabilisation Regulation of 22 December 2003; and
d) this authority shall expire at the end of the next Annual General Meeting or on 30 June 2014, whichever is the earlier (except in relation to the purchase of shares the contract for which was concluded before the expiry of such authority and which might be implemented wholly or partly after such expiry).