Dalhoff Larsen & Horneman A/S
DLH takes the next step in its divestment strategy

Dalhoff Larsen & Horneman A/S 

10.10.2014 13:33

Dissemination of a Adhoc News, transmitted by DGAP - a service of EQS Group
AG.
The issuer is solely responsible for the content of this announcement.

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As the sales processes of the business entities are progressing, DLH takes
further initiatives in order to dissolve the HQ in Denmark. The remaining HQ
employees, including the CEO and CFO, will leave the Company no later than 30
April 2015. 

Background

At the extraordinary general meeting on 9 January 2014, the general assembly
adopted the Group's new strategy which entailed disposal of the Group's
companies and operations. 

Status

After the adoption of the new strategy, DLH has announced the sale of its
Brazilian property with a net proceed of DKK 11 million. The sale of its Polish
and Slovakian companies with expected net proceed of DKK 100 million, the sale
of its US trading business with expected net proceed of DKK 35 million and
finally, at the beginning of October, the disposal of the Asian Global Sales
entities, with an expected proceed of approx. DKK 115 million. 

The total proceed from these transactions will make DLH debt free in the near
future, the remaining businesses to be disposed are the Nordic Region and the
activities in France and Russia. 

Management Group

The President and CEO Kent Arentoft and the Executive Vice President Peter
Thostrup have agreed to stay in the company until 30 April 2015, after which
both will leave the company. 

HQ employees

The remaining HQ employees' contracts will be terminated and will leave the
company no later than 30 April 2015. For the period following May 2015 DLH
expects its' business to be handled by an Office Administrator taking care of
any remaining business units and assets reporting directly to the Board. 

Quote:

'We have come a long way in executing the strategy and therefore it is natural
to prepare for the next step, which involves the Management Group including
myself and the remaining HQ employees. We have initiated several other
initiatives in order to minimize costs, hereunder investigating a potential
reduction in our HQ rent obligations' says CEO Kent Arentoft. 


         For further information about this announcement, please contact
President & CEO Kent 
         Arentoft on tel. + 45 43 50 01 01.
News Source: NASDAQ OMX



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Language:     English
Company:      Dalhoff Larsen & Horneman A/S
              
               
              Denmark
Phone:        
Fax:          
E-mail:       
Internet:     
ISIN:         DK0060038933
WKN:          
 
End of Announcement                             DGAP News-Service
 
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