LONDON, June 17, 2016 /PRNewswire/ --
UBM plc (LSE: UBM-LN) today announces that the sale of its PR Newswire business to Cision, a business controlled by GTCR Canyon Holdings (Cayman) L.P, (the "Transaction") has completed. The total net cash proceeds of the Transaction are £490m, after adjustments for transaction expenses, debt-like items, tax and a £10m contribution to UBM's pension scheme.
As previously announced, UBM will return £245 million of the proceeds to shareholders by means of a special dividend, with an associated 8 for 9 consolidation of UBM's ordinary shares as approved by shareholders.
The special dividend of 55.3p per share will be payable on 8 July 2016 to shareholders on the register at 24 June 2016, with the shares trading ex-dividend from 27 June 2016. The associated share consolidation will take effect on 27 June 2016, following which UBM's issued share capital will comprise 393,757,812 ordinary shares of 11.25 pence each.
Tim Cobbold, Chief Executive of UBM plc, said:
"The disposal of PR Newswire is a signifcant milestone in the implementation of our 'Events First' strategy. UBM is now focused on the attractive, high-growth and high-margin events sector and we continue in the pursuit of our ambition to become the world's leading B2B Events business.
"The transaction allows us to make a significant return of capital to shareholders and, at the same time, retain funds to invest in high-quality, accretive, bolt-on acquisitions where we continue to see a good pipeline of opportunities, while maintaining appropriate financial discipline."
Notes to Editors
About UBM plc
UBM plc is a leading global B2B events organiser. We help businesses do business, bringing the world's buyers and sellers together at events, online and in print. Our 3,500 staff in more than 20 countries are organised into specialist teams which serve commercial and professional communities, helping them to do business and their markets to work effectively and efficiently. Running over 300 events per year, UBM is the second largest exhibitions organiser globally and the largest independent organiser in the US and China. For more information, go to http://www.ubm.com; for UBM corporate news, follow us on Twitter at @UBM_plc and go to http://media.ubm.com/social for more UBM social media options.
SOURCE UBM plc