CPL’s €318m sale to Japanese group rubber-stamped by High Court

CPL Resources, the recruitment company led by Anne Heraty, said on Wednesday that its planned sale to Japanese group Outsourcing for almost €318 million has been approved by the High Court.

The deal is being carried out under a so-called scheme of arrangement, which required majority shareholder approval, granted before Christmas, and High Court authorisation.

“The scheme shall become effective on delivery to the Registrar of Companies of the Court Order and registration of the Court Order by the Registrar of Companies. This is expected to occur on 21 January 2021,” CPL said.

“Trading of CPL shares on Euronext Growth and AIM will be suspended from 7.30am on 21st January 2021 and cancellation of CPL shares to trading on Euronext Growth and AIM will, subject to the Scheme becoming effective on 21st January 2021, take effect from 7.00am on 22 January 2021,” it said.

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Ms Heraty and her husband and fellow director, Paul Carroll, are in line to receive almost €110 million for their combined 34.9 per cent stake in the business. They plan to stay on board after the transaction is completed.

Separately, it emerged on Tuesday that Ms Heraty and Mr Carroll are set to receive more than €100 million from the €150 million-plus sale of the Trinity Care nursing and care homes group in which they bought a 70 per cent stake nine years' ago.