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Friday 15 December 2017 by FIIG Research

Company updates

McPherson’s intends to buy back remaining bonds in March 2018

McPhersons will divest its Home Appliance business to Glen Dimplex Australia Pty Limited. The divestment is consistent with McPherson’s strategy to exit non core operations and grow its core business in health, wellness and beauty markets.

Net transaction consideration is estimated at circa AUD28m. Based on a forecast FY2018 EBIT for the Home Appliance business of AUD4m, the net consideration represents an EBIT multiple of approximately 7 times.

“The funds generated from the transaction will be used to buy back the outstanding AUD25.0m in bonds at 31 March 2018. Group net debt is forecast to be approximately AUD5m at 30 June 2018, compared with AUD36.4m at 30 June 2017.”

Capital structure

For further announcements from the company, please visit the McPherson’s website.

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