Wolseley Plc (WOSLY.PK,WOS.L) said it has agreed to dispose of 100% of its shareholding in Wolseley Ireland Holdings Limited to WIBHM Limited, a private investor backed company, for total consideration of EUR 26.5 million, or GBP 23.8 million. Cash consideration of EUR 6.5 million, or GBP 5.8 million was paid on completion. The balance of EUR 20 million, or GBP 18 million will be satisfied through a loan note issued in favour of Wolseley at a coupon of 10%, to be repaid within one year.
Under the terms of the agreement, Wolseley has agreed to fund the deficit in the Northern Ireland pension scheme, and this will be repaid by the purchaser by means of a separate loan note with a coupon of 3%. Repayments under this loan note will start at the end of its second year, at a rate of EUR 1.5 million, or GBP 1.3 million per annum. The balance of any deficit still remaining in the fifth year will be repaid in full.
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