DS Smith - Spicers Offer Received

Summary points

Assuming the proposed disposal completes:

• would be a significant step forward in implementing strategy to become the leading supplier of recycled packaging for consumer goods
• proceeds from disposal would be used in short term to reduce net debt; and, in due course, to reinvest and expand geographic coverage in recycled packaging
• there would be an upward revision of DS Smith's medium-term operating margin financial target