23rd Jul 2020 20:20
Benchmark Holdings PLC - Sheffield-based aquaculture genetics and nutrition company - agrees to sell vaccine manufacturing assets to Cell and Gene Therapy Catapult for GBP16 million payable in cash on completion. Consideration is gross of exit and transaction costs, which are estimated to be GBP4 million. "The transaction is a significant milestone in Benchmark's strategy to reduce its cost base and focus on its core areas to achieve profitability. The proceeds from the sale do not represent a profit to Benchmark, but are based on the facility's asset value and have been agreed to support the government's vaccine strategy. The proceeds will further strengthen the group's financial position and liquidity, with total potential consideration from recent disposals, including this sale, of GBP42 million," the firm said.
Current stock price: 39.00 pence
Year-to-date change: down 11%
By Lucy Heming;Â [email protected]
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