FBU
29/01/2016 14:06
ASSET
PRICE SENSITIVE
REL: 1406 HRS Fletcher Building Limited
ASSET: FBU: FBU completes divestment of Rocla Quarry Products
Auckland, 29 January 2016 - Fletcher Building Limited ("Fletcher Building")
announces that it has completed the divestment of Rocla Quarry Products
("RQP") assets to Hanson Construction Materials Pty Ltd ("Hanson"), following
clearance from the Australian Competition and Consumer Commission and the
Foreign Investment Review Board.
The purchase price paid by Hanson to Fletcher Building for RQP is A$150
million. In addition, the divestment to other third parties of joint venture
quarry assets and other RQP assets excluded from the transaction with Hanson
has generated a further A$44 million. The aggregate consideration received
for the entire RQP business is A$194 million (NZ$212 million) subject to
customary completion adjustments.
Completion of the sale of RQP will result in a post-tax profit to Fletcher
Building of approximately A$77 million (NZ$85 million), reflecting the gain
on sale of all RQP assets, offset by transaction costs and adjustments to
asset carrying values. This gain will be included in the financial results
for the year ending 30 June 2016.
The transaction does not affect the ownership of Fletcher Building's Rocla
Pipes & Concrete Products or GBCWinstone businesses, which remain core
elements of the Fletcher Building portfolio.
Credit Suisse and First NZ Capital acted as financial advisors, and Ashurst
acted as legal advisor to Fletcher Building on the transaction.
ENDS
End CA:00277007 For:FBU Type:ASSET Time:2016-01-29 14:06:06
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