Apr 2013 Financial News

AHL - Disposal Of Shareholdings In Burn Stewart Distillers Limited

Apr 17, 2013

On April 12, 2013, Angostura Limited disposed of its 28.91% ordinary shareholding in Burn Stewart Distillers Limited (BSD), a Scottish Distillery, as part of a larger sales transaction in which the issued share capital of BSD has been sold to South African Distilleries and Wines (SA) Limited, a subsidiary of the Distell Group of Companies. The Distell Group is the world’s 2nd biggest producer of ciders, 6th largest producer of brandies and 12th largest producer of wines, and has now added the BSD Scotch range to its growing portfolio of spirits.

This transaction has resulted in an immediate cash flow to Angostura Limited of circa TT331mm, which represents a profit on disposal of its equity accounted investee of over TT$80mm. There is a further opportunity to gain an additional stream of proceeds of up to circa US$4.4mm from a contingent earn-out. The BSD sale has been structured such that Angostura Limited has benefitted by receiving a premium share sale price, in exchange for its associate interest in BSD, which impacts tangibly and positively on the balance sheet of the Angostura Group.

Angostura will continue to build shareholder value, through investments and strategies that are aligned with improving core operations and profitability.


Source:
The Trinidad and Tobago Stock Exchange Limited
Wednesday April 17, 2013