Stock market-listed conglomerate DCC has applied to the Commercial Court for approval of a reduction in its share capital by nearly €1 billion following the sale of its healthcare division.
DCC plc is the parent of DCC Energy, which specialises in the sale, marketing and distribution of clean energy solutions, and of DCC Technology, a specialist distribution partner for global technology and appliance brands and customers.
It was also the parent of DCC Healthcare, a provider of high quality medical devices and other healthcare products, and also partners with brands to create and manufacture health and beauty products, until it decided to sell that division.
A large proportion of the income of DCC group, which is London-listed and Dublin-headquartered, is generated in the UK.
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In November, DCC announced it would focus on the energy division and began preparations for the sale of the healthcare division, chief executive Donal Murphy said in an affidavit.
In April, an agreement was entered into to sell the division and in May it announced it intended to return £800 million (€923 million) to shareholders, he said, through a reduction in share capital.
Mr Murphy said the capital reduction and in seeking to have it entered into the fast track Commercial Court, are a step in the larger process of focusing the business of the company on the energy sector and deploying the proceeds of the sale of the healthcare division for the benefit of the shareholders.
It is envisaged the transaction will be completed by September.
Lyndon MacCann SC, who made the application to Mr Justice Mark Sanfey on Monday, said he was looking for a date for hearing of the matter during the court vacation in August.
The judge said while it was not normal to deal with such applications in August, he understood the urgency of the matter. He said he would be writing up judgments in August and he would hear it during that week.
