April 2, 2004

Uniq Completes UK Poultry Sale

Uniq PLC has completed the sale of its U.K. poultry business based at Rotherham and Driffield to Sovereign Food Group Ltd, a subsidiary within the Grampian Country Food Group for GBP11.84 million in cash.
 
The pan-European Convenience Food Group said the price is subject to a post completion adjustment on a GBP1 for GBP1 basis based on the estimated GBP5.84 million value of working capital included in the above sale price.
 
The sale follows Uniq's announcement of the intended sale on Feb. 17, 2004.
 
The sale proceeds will be used to reduce borrowings of the Uniq group.
 
The profits attributable to the poultry business in the year ended 31/3/03 were GBP1 million after allocation of divisional and central costs of GBP4 million.
 
The business had since become loss making. The book value of the tangible net assets of the poultry business was GBP20 million as at Mar. 31, 2003.
 
In addition, of the goodwill arising on the purchase of Terranova Plc in 1999, GBP13 million is allocated to the poultry business and will be written off.
 
Uniq Plc's Preliminary Announcement will be made on Monday, May 24, 2004.