PuriCore To Sell Endoscopy Business To Medivators B.V. For $26.89 Mln In Cash

(RTTNews) - PuriCore plc (PURI.L), a global company focused on safe and effective protection against the spread of infectious pathogens, said that it has conditionally agreed to sell the entire issued share capital of PuriCore International Limited, the Company's UK Endoscopy business, to Medivators B.V. , a European-based subsidiary of Cantel Medical Corp. (CMN), for $26.89 million in cash.

PuriCore has initiated a comprehensive strategic review of the business to determine the best use of proceeds, which are expected to be approximately $25.3 million. This includes enhanced investment in the Continuing Businesses, potential strategic acquisitions in complementary businesses, and/or a potential return to shareholders.

During the financial year ended 31 December 2013, PuriCore International Limited generated revenue of $23.3 million, with profit before tax of $2.1 million.

Subject to Shareholder approval at the General Meeting to be held on 20 June 2014 and other conditions, it is currently anticipated that the sale will be completed on 30 June 2014.

The Board considers the Disposal to be in the best interests of Shareholders as a whole and accordingly recommends that Shareholders vote in favour of the Resolution to be proposed at the General Meeting.

Shareholder approval must be obtained from more than 50 per cent. of the votes cast. Irrevocable undertakings and a non-binding letter of intent in support of the transaction have been received in respect of an aggregate of 28,902,389 Ordinary Shares representing 57.65 per cent. of the Issued Ordinary Share Capital.