Greencore Says £509M Tender Offer Was Oversubscribed
Greencore has said that its tender offer which closed at 1pm on 29 January 2019, was oversubscribed.
The group announced the results of the tender offer yesterday, as set out in the circular published by the company on 20 December 2018.
In a statement the convenience food manufacturer explained that the maximum number of ordinary shares authorised by shareholders under the Tender Offer, being 261,025,641 ordinary shares, will be acquired for a total cost of £509 million.
'This represents approximately 36.92% of the issued ordinary share capital of the company, as at the date of this announcement,' the group said.
However, the sandwich maker said that the tender offer was oversubscribed, with a total of 296,192,127 ordinary shares validly tendered by qualifying shareholders.
Qualifying shareholders who tendered ordinary shares equal to or less than their individual basic entitlement will have their tender accepted in full, it outlined in the statement.
Earlier this week, Greencore announced that its pro-forma revenue increased by 5.8% in its first financial quarter, 'driven in particular' by growth in food to go categories.
The group achieved revenue from continuing operations of £363.5 million (€417.5 million) in quarter one, according to its trading update, covering the 13 weeks to 28 December 2018.
The manufacturer of convenience foods outlined in a statement that overall, the group performed well against its organisational, commercial, operational and financial objectives in what were continued challenging trading conditions.
© 2019 Checkout – your source for the latest Irish retail news. Article by Donna Ahern. Click subscribe to sign up for the Checkout print edition.