VERI Veris

 

TIDMVERI 
 
RNS Number : 1807O 
Veris PLC 
03 March 2009 
 

VERIS plc 
 
 
DISPOSAL OF MOVING & STORAGE DIVISION 
 
 
3 March 2009 
 
 
Veris plc ("Veris" or the "Group"), a leading provider of support services, 
announces that it has agreed to dispose of its moving and storage division* (the 
"Division") to Capstar Limited, a company controlled by Niall Doris. 
Veris has agreed to dispose of the Division for a cash consideration of 
EUR74,304. 
Veris will seek shareholder approval to repurchase 767,222 shares in Veris held 
by Niall Doris and persons connected to him at EUR0.28 per share being the share 
price on 27 February 2009. These shares will be cancelled following completion 
of the repurchase. 
In the year ended 31 December 2007 the Division contributed a net profit before 
tax of EUR0.78 million and an operating profit of EUR1.39 million. The difficult 
trading environment in H1 2008 resulted in an operating loss for the Division 
for the 6 months ended 30 June 2008 of EUR0.46 million.  Despite the 
implementation of a cost saving and restructuring plan in the second half of 
2008 the performance of the division continued to deteriorate and it is expected 
that operating losses for the year will exceed EUR1.2m.  The Division had net 
assets of EUR14.00 million as at 31 December 2008, including goodwill of EUR8.1 
million and intangible assets of EUR4.0 million. The adjusted net assets of the 
Division as at 31 December 2008 are expected to approximate EUR2.00 million. 
Following the disposal the Group will focus on its Facilities and Property 
Management divisions. 
* The Division is comprised of Bond Business Support Limited and all of its 
subsidiaries (Nat Ross Limited, Oman Transport Limited, A.G. Doree (Ireland) 
Limited and McConnell Removals Limited) and Hire A Crate Limited 
 
 
 
 
For further information please contact: 
 
 
+------------------------------+------------+---------------------------+ 
| Veris plc                    |            |                           | 
+------------------------------+------------+---------------------------+ 
| Bernard Farrell, CEO         | Tel:       | + 353 1 294 7080          | 
+------------------------------+------------+---------------------------+ 
 
 
+------------------------------+------------+---------------------------+ 
| Davy Corporate Finance       |            |                           | 
+------------------------------+------------+---------------------------+ 
| Des Carville, Director       | Tel:       | + 353 1 679 6363          | 
+------------------------------+------------+---------------------------+ 
| JJ Cahill                    |            |                           | 
+------------------------------+------------+---------------------------+ 
 
+------------------------------+------------+---------------------------+ 
| Q4 Public Relations          |            |                           | 
+------------------------------+------------+---------------------------+ 
| Gerry O'Sullivan             | Mobile:    | + 353 87 259 7644         | 
+------------------------------+------------+---------------------------+ 
 
 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 DISFGGGFMZVGLZZ 
 

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