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.
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.
