Completion of Disposal

John Menzies plc

("Menzies" or the "Company")

Completion of Disposal

5 September 2018

Menzies is pleased to announce that the disposal of Menzies Distribution, its print media division, to investment funds managed by Endless LLP, for an enterprise value of £74.5 million on a cash and debt free basis (the "Disposal"), has completed.  The Disposal creates a pure play global aviation services business that is operating in a structural growth market and marks Menzies' exit from the market for print media and retail logistics.  

The Disposal was originally announced on 26 July 2018 and further details were set out in a circular sent to the Company's shareholders on 30 July 2018. The Disposal was approved by the Company's shareholders at general meetings held on 22 August 2018.

Following completion and as previously announced, Menzies will now revert to a more standard executive structure and is delighted to ratify the appointment of Forsyth Black as Chief Executive Officer of the Company with immediate effect. Forsyth has been with Menzies for 17 years and will now focus his energies on continuing to grow our Aviation business in a market with strong growth dynamics.

Forsyth Black, CEO, said:

"I am delighted to have concluded our strategic realignment that will see the creation of John Menzies plc as a global pure play aviation services business.  I believe we are well-placed to deliver our growth ambitions in the structurally growing aviation services market and I am very proud to now lead the business forward as its CEO together with the support of my team."

Contacts:

Important notice

N M Rothschild & Sons Limited ("Rothschild & Co"), which is authorised and regulated by the Financial Conduct Authority ("FCA") in the United Kingdom, is acting as sponsor and financial adviser to Menzies in connection with the Transaction referred to in this announcement. Rothschild & Co is acting exclusively for Menzies and no one else in connection with the Transaction and save for any responsibilities and liabilities, if any, which may be imposed on Rothschild & Co, in its capacity as sponsor by the Financial Services and Markets Act 2000, as amended, Rothschild & Co will not be responsible to anyone other than Menzies for providing the protections afforded to clients of Rothschild & Co or for providing advice in relation to the Transaction or the contents of this announcement or any transaction, arrangement or matter referred to herein.

Numis Securities Limited ("Numis Securities") is authorised and regulated by the FCA in the United Kingdom, is acting solely for Menzies and nobody else in relation to the Transaction and will not be responsible to anyone other than Menzies for providing the protections afforded to its clients nor for providing advice in relation to the Transaction or any other matter referred to in this.

Shore Capital Stockbrokers Limited ("Shore Capital") is authorised and regulated by the FCA in the United Kingdom, is acting solely for Menzies and nobody else in relation to the Transaction and will not be responsible to anyone other than Menzies for providing the protections afforded to its clients nor for providing advice in relation to the Transaction or any other matter referred to in this.

This announcement has been issued by and is the responsibility of John Menzies plc.