Laurus has reached an agreement in principle with a number of supermarket organisations, including BV Sperwer Holding and CoopCodis Holding BV, on the transfer of the Edah franchisees.
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The transaction relates to 43 stores and the transfer price will be approximately €26m, Laurus said in a statement.
The transfer of the Edah franchisees to the various supermarket organisations will take place in phases between early September 2006 and the end of December 2006. It is expected that a further four stores will be transferred to the Super de Boer franchise organisation, at a price of approximately €2m.
All of the total transfer price of approximately € 28m will be applied to reduce net debt, Laurus said.
The transaction result is expected to amount to approximately €11m. Proceeds of about this amount were taken into account in the forecast of shareholders’ equity and net debt at year-end which was presented to the extraordinary general meeting of shareholders on 17 July 2006.
Laurus will consult the works council on the proposed transactions.
