Sale of business provides war chest for new direction
Bird & Bird has been advising new client, listed company Emess plc, on the sale of its Lighting Division - a decision which has led to Emess disposing of all its interests in lighting and will allow it to make a fresh start and invest in new areas of business. The disposal, which has been valued at £11m plus an earn-out of £1m, also comes at an interesting time for Emess further to a recent board restructure.
Under the terms of the disposal arrangement, Emess plc has sold its Lighting Division to The National Lighting Company Ltd for a cash sum of £11 million and an earn-out of £1m dependent on performance in the 6 months to 31 December 2003. The sale of the Lighting Division is the final step in a process of disposing of the lighting interests of Emess, providing them with the opportunity to explore alternative areas of business.
Commenting on behalf of Emess plc, Rex Wood-Ward, (CEO) added:
“This is something of a new era for Emess. We can now look at new areas of business which will translate into benefits for our shareholders. We were very pleased with the level of support we received from our advisors”.
Bird & Bird advised on all corporate aspects of the disposal. The team was led by corporate partner David Byam-Cook who introduced Emess plc to the firm. Partner Matt Dennis and assistant Charlotte Ford were also involved. Commenting David Byam-Cook added:
“This is the first time we have worked for Emess plc and we were very pleased to be involved in what is clearly a very exciting time for their business.”
For more information, please contact David Byam-Cook on +44 (0) 20 7415 6000 or Larry Cattle, Director of Marketing, on +44 (0) 20 7415 6156.