After a lengthy process, Sims (ASX:SGM) has nevertheless discovered a customer for its scrap operations in the United Kingdom and has also finalized the sale of the last stake in a US operation.
The two sales will bring the company more than A$400 million in cash through the end of this year, and enthusiastic shareholders and analysts will now start asking for a buyback percentage.
Sims announced last Monday that he had signed an agreement to sell the company with Unimetals, an Abu Dhabi-based group, for about A$385 million.
The sale follows a strategic review of the UK business published by Sims in late 2023.
Sims inventory ended at $9. 61 on Monday, down 2. 7%, well before the announcement made after the close of trading.
On the ASX, Sims said the value of the sale represented total after-tax income of about £195 million (about A$385 million), “including the cost of current capital retained and subject to a grid-connected end-touch mechanism. “amount. ” cost of heritage”.
“This transaction concludes the strategy announced on November 22, 2023,” Sims said.
“The transaction is expected to be finalized before the end of the first quarter of FY25 (Sept. 30), and Sims said in which the price learned through the sale “represents a significant premium over the net e-book price of the ‘asset and includes 28 facilities (including 3 port facilities) and 4 crushers. ‘
Unimetals will take over the workers currently working in the United Kingdom metallurgical sector.
Sims said UKM sales volumes represented approximately 14% of Sims Metal’s total sales volumes in 2023-2024 and going forward, the company’s metals portfolio will include Australia and New Zealand Metal, North America Metal (NAM) and its 50%. participation in the joint venture SA Recycling.
Sims also announced on Monday that he had signed a letter of intent to sell his remaining stake in CLP Circular Services Holdings LLC (“Circular Services”) for approximately $32 million (approximately A$50 million), at a loss.
“Sims Municipal Recycling of New York (a predecessor of Circular Services) was first valued on Sims’ balance sheet at A$70 million. While this new tranche of sale will result in the company posting a loss of A$48 million Australian dollars in FY24, Over a series of three divestitures, beginning in January 2022 and ending with this transaction, Sims sold its entire stake for approximately A$126 million, a total gain of A$56 million. Australian dollars.
Sims said the two deals would represent around A$435 million over the first part of the 2024-25 monetary year.
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