Norcros has sold its 25.5% stake in the Australian tile distributor RJ Beaumont. This sale for Aus$7.75 million is to be carried out by means of a selective share reduction and will come into effect by 30 June 2010. RJ Beaumont paid a dividend of £36,000 in the financial year ended 31st March 2009.
The cash consideration is approximately £4.3 million net of costs and will bring a profit on disposal of around £2.6 million. This will be used to reduce the company debt of £15.9 million.
The full Norcros statement can be seen here.
