skip to content

Other

Genus update on Milk Pension Fund

01 June 2017 07:51

Genus, a leading global animal genetics company, has noted an announcement by National Milk Records regarding its proposed withdrawal from the Milk Pension Fund under a flexible apportionment arrangement between NMR, Genus and the trustees of the MPF.

The MPF is a multi-employer scheme where Genus has joint and several liability for the total liabilities of the scheme.

Subject to approval by NMR's shareholders, NMR's withdrawal from the pension fund would become effective on 23 June.

In return for the right to withdraw from the MPF, NMR would, among other matters, (i) make a one-off, lump sum cash payment of £10.1m to the MPF, equivalent to the undiscounted value of all NMR's future payments under the existing MPF recovery plan which extended to March 2026; and (ii) make a payment to Genus of £4.7m of which £1.4m would be satisfied by the issue NMR shares.

Story provided by StockMarketWire.com

Related Company: GNS

Info Point:

To buy or sell shares call our Dealing Room on 0113 243 6941.

Too much jargon? Our glossary will help make sense of things.

Find out more about our Share Dealing Services.

Client Area Access

» Secure Login

» Not registered yet?

-

Branch Finder

Redmayne-Bentley have High Street branches throughout the UK. Find your nearest branch.