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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.

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