Greencore Group PLC Sale of Molasses Businesses (3184U)
28 July 2020 - 5:33PM
UK Regulatory
TIDMGNC
RNS Number : 3184U
Greencore Group PLC
28 July 2020
The following amendments have been made to the 'Sale of Molasses
Businesses' announcement released on 28 July 2020 at 07:00 under
RNS No 2255U.
Footnotes have now been inserted.
All other details remain unchanged.
The full amended text is shown below.
28 July 2020
Greencore Group plc
Sale of Molasses Businesses
Greencore Group plc ("Greencore" or "the Group"), a leading
manufacturer of convenience foods in the UK, announces today that
it has entered into a conditional agreement to sell its interests
in its molasses trading businesses(1) to United Molasses Marketing
(Ireland) Limited and United Molasses Marketing Limited.
The core activities of these businesses are importing and
distributing animal feed across the island of Ireland(2) . The
Group is selling its interests for a cash consideration of
approximately GBP15.6m, subject to customary working capital
adjustments. The proceeds will be used to further strengthen the
Group's balance sheet. The Transaction is subject to the approval
of relevant anti-trust authorities.
The sale constitutes a Class 2 transaction for the purposes of
the UK Financial Conduct Authority's Listing Rules.
For further information, please contact:
Patrick Coveney Chief Executive Officer Tel: +353 (0) 1 486
3313
Emma Hynes Chief Financial Officer Tel: +353 (0) 1 486
3307
Jack Gorman Head of Investor Relations Tel: +353 (0) 1 486
3308
(1) Premier Molasses Company Limited ("Premier Molasses") and
United Molasses (Ireland) Limited ("UMI")
(2) Pursuant to Listing Rule 10.4, in the 12 months ended
September 2019, the Group's interests in its molasses trading
businesses represented GBP6.0m of the Group's consolidated profit
before tax. Net of all non-controlling interests, the Group's share
of profit after tax in the businesses was GBP3.1m. As at 27 March
2020, the Group's share of gross assets of Premier Molasses was
GBP6.6m and the Group's associate investment in UMI had a carrying
value of GBP1.3m
About Greencore
Greencore is a leading manufacturer of convenience food in the
UK. It supplies grocery and other retailers including all of the
major UK supermarkets. The Group has strong market positions in a
range of categories including sandwiches, salads, sushi, chilled
snacking, chilled ready meals, chilled soups and sauces, chilled
quiche, ambient sauces and pickles, and frozen Yorkshire
Puddings.
The Group's medium term financial ambitions are for mid
single-digit organic revenue growth, high single-digit Adjusted EPS
growth, the conversion of half of its Adjusted EBITDA to Free Cash
Flow and for mid-teen ROIC.
For further information go to www.greencore.com or follow
Greencore on social media.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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