27th Nov 2007 07:01
Genus PLC27 November 2007 Genus plc ("Genus" or the "Company") Animalcare Limited Disposal Genus, a world leading animal genetics company, is pleased to announce that ithas entered into an agreement to dispose of Animalcare Limited ("Animalcare"),its non-core veterinary pharmaceutical business, to Ritchey plc for a total cashconsideration of £14m, including a deferred element of £0.6m. The proceeds ofthe disposal will be used to reduce debt. The transaction is subject to financing which Ritchey plc plans to achievethrough a fundraising upon its admission to the AIM market. It is expected thatthe transaction will complete on 10 January 2008. Payment of the £0.6m ofdeferred consideration is conditional upon a manufacturing contract being set upfor a new product, currently under development. For the year ended 30 June 2007, Animalcare generated an adjusted operatingprofit of £1.6m. As at 30 June 2007 it had net assets of £6.7m. For further information, please contact:Genus plc Tel: 01256 345970Richard Wood, Chief ExecutiveMartin Boden, Finance Director Landsbanki Securities (UK) Limited Tel: 020 7426 9000Financial Adviser & Joint BrokerShaun Dobson Buchanan Communications Tel: 020 7466 5000Charles Ryland / Suzanne Brocks About Genus Genus creates and sells added value products for livestock farming and foodproducers by creating advances to animal breeding through biotechnology. Itsnon-Genetically Modified Organism (GMO) technology is applicable across alllivestock species but is only commercialised by Genus in the bovine and porcinefarming sectors. Genus' worldwide sales are made in seventy countries under the trade marks "ABS"(dairy and beef cattle) and "PIC" (pigs) and comprise semen and breeding animalswith superior genetics to those animals currently in production. Customers useGenus genetics on their herds to produce offspring with greater productionefficiency, milk and meat output and quality and use these to supply the globaldairy and meat supply chain. Genus' competitive edge has been created from the ownership and control ofproprietary lines of breeding animals, the biotechnology used to improve themand the Group's global production and distribution network. Headquartered in Basingstoke, England, Genus companies operate in 30 countrieson five continents, with research laboratories located in Madison, USA. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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