REG - Benchmark Hlgs PLC - Completion of Disposal of the Genetics Business

Benchmark HoldingsAnnouncement

31/03/2025 15:45

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RNS Number : 9809C  Benchmark Holdings PLC  31 March 2025

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OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A
VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.

 FOR IMMEDIATE RELEASE   31 March 2025

 

Benchmark Holdings plc

 

Completion of Disposal of the Genetics Business

 

Further to the announcement on 25 November 2024, Benchmark Holdings plc
("Benchmark", the "Group", or the "Company"), today announces the completion
of the sale of the Company's genetics business area (by way of the disposal of
Benchmark Genetics Limited and Benchmark Genetics Norway AS and their
respective subsidiaries) (the "Genetics Business") to Starfish Bidco AS
("Starfish Bidco"), a wholly owned subsidiary of Novo Holdings A/S ("Novo
Holdings"), (the "Transaction" or "Disposal").

 

As previously disclosed, the Transaction represents an enterprise value of
£260 million, comprising an initial consideration of £230 million and
contingent consideration of up to £30 million.

 

Post completion accounts adjustments, based on the cash, debt and working
capital position of the Genetics Business, as well as certain other specified
liabilities agreed between Starfish Bidco and the Company, the Transaction is
expected to realise gross cash proceeds of approximately £194 million,
excluding any Earn-out Consideration.

 

Following repayment of the Group's unsecured floating rate listed green bond
and associated make-whole and swaps which currently amounts to approximately
£63 million as well as the drawn amount of approximately £23.75 million
under the Group's revolving credit facility provided by DNB Bank ASA, which is
expected to complete on or around 15 April, net cash proceeds will be
approximately £107.5 million.

 

Details on the strategy of the Continuing Business and use of proceeds,
further to what was disclosed on 25 November 2024, will be provided in
mid-April.

 

Capitalised terms used but not otherwise defined in this announcement have the
meanings set out in the announcement made on 25 November 2024.

 

 

Enquiries:

For further information please contact:

 

 Benchmark Holdings plc                                             Tel: 0114 240 9939
 Ivonne Cantu, Investor Relations

 Evercore (Financial Adviser to Benchmark)                          Tel: 020 7653 6000
 Julian Oakley, Simon Elliott, Julien Baril

 Rabobank (Financial Adviser to Benchmark)                          Tel: +31 30 7122755

 Reinier Henneman, Hans Pronk, Benny Vossen

 Deutsche Numis (Broker and NOMAD to Benchmark)                     Tel: 020 7260 1000
 Freddie Barnfield, Duncan Monteith, Sher Shah

 MHP Group (Press Enquiries)                                        Tel: +44 7831 406117
 Katie Hunt, Reg Hoare                                              benchmark@mhpgroup.com

 

ABOUT BENCHMARK

 

Benchmark is a market leading aquaculture biotechnology company.  Benchmark's
mission is to drive sustainability in aquaculture by delivering products and
solutions in genetics, advanced nutrition and health which improve yield,
growth and animal health and welfare.

 

Through a global footprint in 26 countries and a broad portfolio of products
and solutions, Benchmark addresses many of the major aquaculture species -
salmon, shrimp, sea bass and sea bream, and tilapia, in all the major
aquaculture regions around the world.  Find out more at www.benchmarkplc.com
(https://protect.checkpoint.com/v2/r06/___http:/www.benchmarkplc.com/___.ZXV3MjpuZXh0MTU6YzpvOjEwZDIzMzQ5MWIwZmYyYmQ1NWJmNGJkYTkwNTY2NjRjOjc6YWMzMTo2ZmE4NjBlZTlhMzVhNTY1NmM5NjRhYWUzNjViZjQ0ZGM1MDYxM2JjZTU5NjRlNjc1NWU4NGRhZmZjYTczYzYwOnA6RjpU)

 

ABOUT NOVO HOLDINGS A/S

 

Novo Holdings is a holding and investment company that is responsible for
managing the assets and the wealth of the Novo Nordisk Foundation.

 

The purpose of Novo Holdings is to improve people's health and the
sustainability of society and the planet by generating attractive long-term
returns on the assets of the Novo Nordisk Foundation.

 

Wholly owned by the Novo Nordisk Foundation, Novo Holdings is the controlling
shareholder of Novo Nordisk A/S and Novonesis A/S (Novozymes A/S) and manages
an investment portfolio with a long-term return perspective.

 

In addition to managing a broad portfolio of equities, bonds, real estate,
infrastructure and private equity assets, Novo Holdings is a world-leading
life sciences investor. Through its Seed, Venture, Growth, Asia, Planetary
Health and Principal Investments teams, Novo Holdings invests in life science
companies at all stages of development.

 

As of year-end 2023, Novo Holdings had total assets of EUR 149 billion.
www.novoholdings.dk

 

MAR

 

The information contained within this announcement is considered by the
Company to constitute inside information as stipulated under the Market Abuse
Regulation (EU) No. 596/2014 ("MAR"), and the UK version of MAR which is part
of UK domestic law by virtue of the European Union (Withdrawal) Act 2018.
Upon the publication of this announcement via a Regulatory Information Service
and Newspoint, this inside information will be considered to be in the public
domain.

 

 

OTHER NOTICES

 

This announcement is not intended to and does not constitute an offer to buy
or the solicitation of an offer to subscribe for or sell or an invitation to
purchase or subscribe for any securities or the solicitation of any vote in
any jurisdiction.  The release, publication or distribution of this
announcement in whole or in part, directly or indirectly, in, into or from
certain jurisdictions may be restricted by law and therefore persons in such
jurisdictions should inform themselves about and observe such restrictions.

 

Evercore Partners International LLP ("Evercore"), which is authorised and
regulated by the Financial Conduct Authority ("FCA") in the UK, is acting
exclusively as financial adviser to Benchmark and no one else in connection
with the matters described in this announcement and will not be responsible to
anyone other than Benchmark for providing the protections afforded to clients
of Evercore nor for providing advice in connection with the matters referred
to herein.  Neither Evercore nor any of its subsidiaries, branches or
affiliates owes or accepts any duty, liability or responsibility whatsoever
(whether direct or indirect, whether in contract, in tort, under statute or
otherwise) to any person who is not a client of Evercore in connection with
this announcement, any statement contained herein, any offer or otherwise.
Apart from the responsibilities and liabilities, if any, which may be imposed
on Evercore by the Financial Services and Markets Act 2000, or the regulatory
regime established thereunder, or under the regulatory regime of any
jurisdiction where exclusion of liability under the relevant regulatory regime
would be illegal, void or unenforceable, neither Evercore nor any of its
affiliates accepts any responsibility or liability whatsoever for the contents
of this announcement, and no representation, express or implied, is made by
it, or purported to be made on its behalf, in relation to the contents of this
announcement, including its accuracy, completeness or verification of any
other statement made or purported to be made by it, or on its behalf, in
connection with Benchmark or the matters described in this document.  To the
fullest extent permitted by applicable law, Evercore and its affiliates
accordingly disclaim all and any responsibility or liability whether arising
in tort, contract or otherwise (save as referred to above) which they might
otherwise have in respect of this announcement, or any statement contained
herein.

 

Coöperatieve Rabobank U.A., acting through its Corporate Finance Advisory
M&A department, is supervised by the European Central Bank and is acting
as exclusive financial adviser to Benchmark and to no other party in relation
to the matters described in this announcement. Coöperatieve Rabobank U.A. is
not responsible or liable to any other person in relation to the matters
described in this announcement and third parties shall have no (direct or
indirect) rights against Coöperatieve Rabobank U.A.

 

Numis Securities Limited (trading as "Deutsche Numis") is authorised and
regulated by the FCA in the UK and is acting as nominated adviser to the
Company and no one else in connection with the matters described in this
announcement and will not be responsible to anyone other than the Company for
providing the protections afforded to clients of Deutsche Numis nor for
providing advice in connection with the matters referred to herein. Neither
Deutsche Numis nor any of its affiliates (nor any of their respective
directors, officers, employees or agents), owes or accepts any duty, liability
or responsibility whatsoever (whether direct or indirect, whether in contract,
tort, under statute or otherwise) to any person who is not a client of
Deutsche Numis in connection with the matters set out in this announcement.

 

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