The selling shareholders named in this prospectus supplement are offering 33,333,334 ordinary shares. We will not receive any proceeds from the sale of the
shares being sold by the selling shareholders.
Our ordinary shares are currently traded on the New York Stock Exchange (the NYSE) under the
symbol NOMD. On September 5, 2017, the closing price of our ordinary shares on the NYSE was $14.92 per ordinary share.
The underwriters have
agreed to purchase the ordinary shares from the selling shareholders at a price of $14.157 per ordinary share, which will result in $471.9 million of proceeds to the selling shareholders before expenses. The Company has agreed to purchase from the
underwriters 7,063,643 of the 33,333,334 ordinary shares in the offering at the same price at which the underwriters have agreed to purchase the shares from the selling shareholders in this offering.
The underwriters expect to deliver the shares on or about September 11, 2017.
ABOUT THIS PROSPECTUS SUPPLEMENT
This document is in two parts. The first part is this prospectus supplement, which describes the terms of the offering of the ordinary shares and adds to and
supplements information contained in the accompanying prospectus and the documents incorporated by reference therein. The second part is the accompanying prospectus, which we refer to as the accompanying prospectus. The accompanying
prospectus describes more general information regarding our securities, some of which may not apply to the ordinary shares offered hereby. The accompanying prospectus also incorporates by reference documents that are described under
Incorporation by Reference beginning on page S-32 of this prospectus supplement.
You should rely only on the information contained or
incorporated by reference in this prospectus supplement, in the accompanying prospectus or in any related free writing prospectus filed by us with the Securities and Exchange Commission (the SEC). If information in this prospectus
supplement conflicts with or is inconsistent with the accompanying prospectus, you should rely on this prospectus supplement. Neither we, the selling shareholders nor the underwriters have authorized any other person to provide you with different
information. If anyone provides you with different or inconsistent information, you should not rely on it. You should not assume that the information contained or incorporated by reference in this prospectus supplement and the accompanying
prospectus or in any such free writing prospectus is accurate as of any date other than the respective dates thereof. Our business, financial condition, results of operations and prospects may have changed since those dates.
Neither we, the selling shareholders nor the underwriters are making an offer of any securities other than the registered securities to which this prospectus
supplement and the accompanying prospectus relate, nor are we, any selling shareholders or the underwriters making an offer to sell or soliciting an offer to buy ordinary shares in any jurisdiction where an offer or sale is not permitted.
Unless otherwise indicated or the context otherwise requires, references in this prospectus supplement to we, our, us,
Nomad, the Company and similar terms refer to Nomad and its subsidiaries. References herein to Iglo and the Iglo Group refer solely to Iglo and its consolidated subsidiaries which we purchased on
June 1, 2015. References herein to Findus and the Findus Group refer to Findus Sverige AB and its consolidated subsidiaries which we purchased on November 2, 2015. All references in this prospectus to the
Predecessor refer to Iglo for all periods prior to its acquisition by us and all references to the Successor refer to the Company for all periods after the Iglo Acquisition.
Presentation of Financial and Other Information
In June
2015, our Board of Directors approved a change in our fiscal year end from March 31 to December 31 in order to align our fiscal year with the Iglo Groups historical reporting calendar. As a result of this change, the consolidated financial
statements include presentation of the Successor for the year ended March 31, 2015, the year ended December 31, 2016 and the nine month period from April 1, 2015 to December 31, 2015.
Certain numerical figures included or incorporated by reference in this prospectus supplement or prospectus supplement, including financial data presented in
billions, millions or thousands and percentages describing market shares, have been subject to rounding adjustments and, as a result, the totals of the data in this prospectus supplement may vary slightly from the actual arithmetic totals of such
information.
We present certain supplemental financial measures that are not recognized by IFRS in the financial data included or incorporated by
reference in this prospectus supplement. These financial measures are unaudited and have not been prepared in accordance with IFRS, SEC requirements or the accounting standards of any other jurisdiction. The
non-IFRS
financial measures include Adjusted EBITDA and Adjusted EBITDA margin.
Adjusted EBITDA is EBITDA
adjusted to exclude (when they occur) exited markets, trading day impacts, chart of account alignments and exceptional items such as restructuring charges, goodwill and intangible asset
S-ii
impairment charges, the impact of share based payment charges, charges relating to the founders preferred shares annual dividends, charges relating to the redemption of warrants and other
unusual or
non-recurring
items. The Company believes Adjusted EBITDA provides important comparability of underlying operating results, allowing investors and management to assess operating performance on a
consistent basis.
Adjusted
non-IFRS
financial measures should be read in conjunction with our historical
financial statements incorporated by reference into this prospectus supplement and the accompanying prospectus.
We believe our
non-IFRS
financial measures provide an important additional measure with which to monitor and evaluate the Companys ongoing financial results, as well as to reflect its acquisitions. Our calculation of these
financial measures may be different from the calculations used by other companies and comparability may therefore be limited. The non-IFRS financial measures presented herein is based upon certain assumptions that we believe to be reasonable and is
presented for informational purposes only and is not necessarily indicative of any anticipated financial position or future results of operations that the Company will experience. You should not consider the Companys
non-IFRS
financial measures an alternative or substitute for the Companys reported results and are cautioned not to place undue reliance on these results and information as they may not be representative of
our actual or future results as a Company.
Please see on pages
S-9-S-10,
the
non-IFRS
reconciliation tables for an explanation and reconciliation of the Adjusted financial information to the most directly comparable IFRS measure.
Market and Industry Data
The data included or
incorporated by reference in this prospectus supplement regarding our business and the market in which we operate and compete, including certain market data and certain economic and industry data and forecasts, were obtained from internal surveys,
market research and governmental and other publicly available information, independent industry publications and reports prepared by industry consultants that we believe to be reliable. Certain market share information and other statements presented
and incorporated by reference herein regarding our position relative to our competitors with respect to the manufacturing or distribution of particular products are based on statistical data or information obtained from independent third parties
that we believe to be reliable, including Euromonitor, Kantar Worldpanel, AC Nielsen and IRI and other sources, as well as on our knowledge of our markets and industry, our own investigation into market conditions and our calculations based on such
information. For internal analyses, we use different data providers for our assessment of market share. We use Euromonitor data because the data it collects covers a wider range of the food market and we believe consequently gives a more consistent
and holistic view of market size and growth data. We have also based our estimates on information obtained from our customers, trade and business organizations and associations and other contacts in our industries. In addition, some of the
information herein has been extrapolated from such market data or reports using our experience and internal estimates. Furthermore, we operate in a number of different markets and it is difficult to obtain precise or current industry and market
information, which makes the available industry and market information incomplete or non-comparable. In those cases where there was no readily available or reliable external information to validate market-related analyses or estimates or the data
conflicted with other data or was non-comparable or internally inconsistent, statements regarding the industries in which we operate and our position in these industries are based solely on our experience, studies and estimates and our own
investigation of market conditions.
Market share data presented is measured by retail sales value. The frozen food market data we refer to includes the
following categories: frozen processed meat, frozen processed seafood, frozen meat substitutes, frozen pizza, frozen ready meals, frozen noodles, frozen soup, frozen baked goods and processed frozen vegetables.
Although we believe that our sources are reliable, and we accept responsibility for having correctly reproduced information obtained from industry
publications or public sources, you should keep in mind that we have not independently verified information we have obtained from industry and other third-party sources and that
S-iii
information from our internal surveys and management estimates has not been verified by any independent sources. In addition, while we are not aware of any misstatements regarding the industry or
similar data presented herein, such data involve risks and uncertainties and are subject to change based on various factors. We cannot assure you that any of the assumptions underlying these statements are accurate or correctly reflect our
competitive position or those of the other market participants in the industry. In addition, none of Euromonitor, Kantar Worldpanel, AC Nielsen, IRI or any other sources has assumed responsibility for any of the information included in this
prospectus supplement or accompanying prospectus. As a result, we cannot make any representation or warranty as to the accuracy or completeness of this information.
Industry publications, surveys and forecasts generally state that the information contained therein has been obtained from sources believed to be reliable,
but that the accuracy and completeness of such information is not guaranteed. Where we have found information from different sources to be conflicting, we have used the information that we believe to be the most accurate and prepared on a basis
consistent with the other sources we have used.
As used herein, the term kilotonne refers to 1,000,000 kilograms.
Exchange Rate Information
The tables
below set forth, for the periods and dates indicated, the high, low, average and period end Bloomberg Generic Composite Rate, expressed in U.S. dollars per 1.00. The below rates may differ from the actual rates used in the preparation of our
consolidated financial statements and the other financial information appearing in this prospectus supplement and accompanying prospectus. No representation is made that euros could have been, or could be, converted into U.S. dollars at these rates
or at any other rate.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period End
|
|
|
Average
(1)
|
|
|
High
|
|
|
Low
|
|
2012
|
|
|
1.3216
|
|
|
|
1.2911
|
|
|
|
1.3487
|
|
|
|
1.2043
|
|
2013
|
|
|
1.3743
|
|
|
|
1.3300
|
|
|
|
1.3895
|
|
|
|
1.2745
|
|
2014
|
|
|
1.2098
|
|
|
|
1.3207
|
|
|
|
1.3994
|
|
|
|
1.2096
|
|
2015
|
|
|
1.0862
|
|
|
|
1.1032
|
|
|
|
1.2109
|
|
|
|
1.0462
|
|
2016
|
|
|
1.0517
|
|
|
|
1.1036
|
|
|
|
1.1618
|
|
|
|
1.0352
|
|
(1)
|
The average of the exchange rates on the last business day of each month during the relevant period.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017
|
|
Period End
|
|
|
Average
(1)
|
|
|
High
|
|
|
Low
|
|
March
|
|
|
1.0652
|
|
|
|
1.0687
|
|
|
|
1.0906
|
|
|
|
1.0495
|
|
April
|
|
|
1.0728
|
|
|
|
1.0658
|
|
|
|
1.0778
|
|
|
|
1.0570
|
|
May
|
|
|
1.1186
|
|
|
|
1.1048
|
|
|
|
1.1269
|
|
|
|
1.0839
|
|
June
|
|
|
1.1440
|
|
|
|
1.1229
|
|
|
|
1.1447
|
|
|
|
1.1119
|
|
July
|
|
|
1.1751
|
|
|
|
1.1516
|
|
|
|
1.1778
|
|
|
|
1.1312
|
|
August
|
|
|
1.1884
|
|
|
|
1.1814
|
|
|
|
1.2071
|
|
|
|
1.1662
|
|
September (through September 4, 2017)
|
|
|
1.1897
|
|
|
|
1.1880
|
|
|
|
1.1980
|
|
|
|
1.1849
|
|
(1)
|
The average of the exchange rates on the last business day of each month during the relevant period.
|
S-iv
The Offering
Ordinary shares offered by the selling shareholders
|
33,333,334 shares
|
Ordinary shares outstanding after this offering
|
165,291,546 ordinary shares will be outstanding after this offering after giving effect to the share repurchase.
|
Use of proceeds
|
We will not receive any proceeds from the sale of ordinary shares in this offering.
|
Concurrent share repurchase
|
The Company has agreed to purchase from the underwriters 7,063,643 ordinary shares in the offering at a price of $14.157 per ordinary share, which represents the price at which the underwriters have agreed to purchase the shares from the
selling shareholders in this offering.
|
Dividend policy
|
We have not declared or paid any dividends on our ordinary shares since our inception on April 1, 2014, and have no current plans to pay dividends on our ordinary shares. The declaration and payment of future dividends to holders of our
ordinary shares will be at the discretion of our board of directors and will depend upon many factors, including our financial condition, earnings, legal requirements, restrictions in our debt agreements and other factors deemed relevant by our
board of directors. In addition, as a holding company, our ability to pay dividends depends on our receipt of cash dividends from our operating subsidiaries, which may further restrict our ability to pay dividends as a result of the laws of their
respective jurisdictions of organization, agreements of our subsidiaries or covenants under future indebtedness that we or they may incur. See Dividend Policy in this prospectus supplement and in our Annual Report on Form
20-F
for the fiscal year ended December 31, 2016 incorporated by reference herein.
|
Risk factors
|
You should read the Risk Factors section of this prospectus supplement, and the Risk Factors section of our Annual Report on Form
20-F
for the fiscal year ended December 31,
2016 incorporated by reference herein, for a discussion of factors that you should consider carefully before deciding to invest in our ordinary shares, as such factors may be updated from time to time in the other documents and reports that we file
with the SEC that are incorporated or deemed to be incorporated by reference in this prospectus supplement and the accompanying prospectus.
|
New York Stock Exchange symbol
|
NOMD
|
S-6
Unless otherwise indicated, the number of ordinary shares outstanding after this offering assumes the
repurchase of $100 million of our ordinary shares by us and excludes:
|
|
|
125,000 ordinary shares issuable upon the exercise of options to purchase shares with an exercise price of $11.50 per share;
|
|
|
|
1,500,000 ordinary shares issuable upon the conversion of our founder preferred shares;
|
|
|
|
5,212,000 performance stock units; and
|
|
|
|
an aggregate of approximately 11,954,010 shares reserved for future issuance under our share-based compensation plans.
|
Summary Financial Information
The tables below present
our summary historical consolidated financial information and other data for the periods presented, which should be read in conjunction with our audited consolidated financial statements incorporated by reference herein.
The statement of income data and the statement of cash flow data for the year ended December 31, 2016, the nine months ended December 31, 2015, the
year ended March 31, 2015, the five months ended May 31, 2015 and the year ended December 31, 2014 and the balance sheet data as of December 31, 2016 and 2015 have been derived from our audited consolidated financial statements
incorporated by reference herein.
The statement of income data and the statement of cash flow data for the six months ended June 30, 2017 and
June 30, 2016 and the balance sheet data as of June 30, 2017 have been derived from our unaudited interim financial statements incorporated by reference herein.
In June 2015, the Companys Board of Directors approved a change in the Companys fiscal year end from March 31 to December 31 in order to
align the Companys fiscal year with the Iglo Groups historical reporting calendar. As a result of this change, the consolidated financial statements include presentation of the Successor for the year ended March 31, 2015, the year
ended December 31, 2016 and the nine month period ended December 31, 2015.
We present certain supplemental financial measures that are not
recognized by IFRS in the financial data included or incorporated by reference in this prospectus supplement. These financial measures are unaudited and have not been prepared in accordance with IFRS, SEC requirements or the accounting standards of
any other jurisdiction. The
non-IFRS
financial measures include Adjusted EBITDA and Adjusted EBITDA margin.
Adjusted EBITDA is EBITDA adjusted to exclude (when they occur) exited markets, trading day impacts, chart of account alignments and exceptional items such as
restructuring charges, goodwill and intangible asset impairment charges, the impact of share based payment charges, charges relating to the Founders Preferred Shares Annual Dividend Amount, charges relating to the redemption of warrants and other
unusual or
non-recurring
items. The Company believes Adjusted EBITDA provides important comparability of underlying operating results, allowing investors and management to assess operating performance on a
consistent basis.
Adjusted
non-IFRS
financial measures should be read in conjunction with our historical
financial statements incorporated by reference into this prospectus supplement and the accompanying prospectus.
We believe our
non-IFRS
financial measures provide an important additional measure with which to monitor and evaluate the Companys ongoing financial results, as well as to reflect its acquisitions. Our calculation of these
financial measures may be different from the calculations used by other companies and comparability may therefore be limited. The non-IFRS financial measures presented herein is based upon certain assumptions that we believe to be reasonable and is
presented for informational purposes only and is not necessarily indicative of any anticipated financial position or future results of operations that the Company will experience. You should
S-7
not consider the Companys
non-IFRS
financial measures an alternative or substitute for the Companys reported results and are cautioned not to
place undue reliance on these results and information as they may not be representative of our actual or future results as a Company.
Please see on pages
S-9-S-10,
the
non-IFRS
reconciliation tables for an explanation and reconciliation of the Adjusted financial information to the
most directly comparable IFRS measure.
Certain numerical figures set out in this prospectus supplement, including financial data presented in billions,
millions or thousands and percentages describing market shares, have been subject to rounding adjustments and, as a result, the totals of the data in this prospectus supplement may vary slightly from the actual arithmetic totals of such information.
In making an investment decision, you must rely upon your own examination of the terms of the offering and the financial information contained in this
prospectus supplement and the accompanying prospectus.
The following tables set forth summary historical consolidated financial and other data for the
Company and the Predecessor for the periods presented. The following tables should also be read in conjunction with the information contained in Presentation of Financial, Market and Other Information, Use of Proceeds, and
Capitalization included elsewhere herein and our, Managements Discussion and Analysis of Financial Condition and Results of Operations from our Annual Report on Form
20-F
for the
year ended December 31, 2016 and our consolidated financial statements and related notes incorporated by referenced herein.
Consolidated
Financial Statements of Profit or Loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Predecessor
|
|
|
Predecessor
|
|
|
Successor
|
|
|
Successor
|
|
|
Successor
|
|
|
Successor
|
|
|
Successor
|
|
( in millions)
|
|
Year
ended
Dec 31
2014
|
|
|
Five months
ended
May 31
2015
|
|
|
Year
ended
Mar 31
2015
|
|
|
Nine months
ended
Dec 31
2015
|
|
|
Year
ended
Dec 31
2016
|
|
|
Six months
ended
June 30,
2016
|
|
|
Six months
ended
June 30,
2017
|
|
Revenue
|
|
|
1,500.9
|
|
|
|
640.3
|
|
|
|
|
|
|
|
894.2
|
|
|
|
1,927.7
|
|
|
|
1,003.0
|
|
|
|
989.4
|
|
Cost of sales
|
|
|
(970.9
|
)
|
|
|
(417.9
|
)
|
|
|
|
|
|
|
(663.0
|
)
|
|
|
(1,356.7
|
)
|
|
|
(695.9
|
)
|
|
|
(689.0
|
)
|
Other operating expenses
|
|
|
(254.2
|
)
|
|
|
(109.5
|
)
|
|
|
(0.7
|
)
|
|
|
(138.6
|
)
|
|
|
(298.4
|
)
|
|
|
(154.8
|
)
|
|
|
(156.2
|
)
|
Operating profit/(loss)
|
|
|
222.9
|
|
|
|
28.6
|
|
|
|
(167.6
|
)
|
|
|
(314.1
|
)
|
|
|
138.1
|
|
|
|
74.1
|
|
|
|
132.8
|
|
Net finance (costs)/income
|
|
|
(290.2
|
)
|
|
|
(115.7
|
)
|
|
|
0.1
|
|
|
|
(35.5
|
)
|
|
|
(62.1
|
)
|
|
|
(23.6
|
)
|
|
|
(48.4
|
)
|
(Loss)/profit before tax
|
|
|
(67.3
|
)
|
|
|
(87.1
|
)
|
|
|
(167.5
|
)
|
|
|
(349.6
|
)
|
|
|
76.0
|
|
|
|
50.5
|
|
|
|
84.4
|
|
Taxation
|
|
|
(41.8
|
)
|
|
|
(40.9
|
)
|
|
|
|
|
|
|
12.3
|
|
|
|
(39.6
|
)
|
|
|
(15.6
|
)
|
|
|
(17.1
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/profit for the period attributable to Parent Company
|
|
|
(109.1
|
)
|
|
|
(128.0
|
)
|
|
|
(167.5
|
)
|
|
|
(337.3
|
)
|
|
|
36.4
|
|
|
|
34.9
|
|
|
|
67.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Financial Statements of Financial Position
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Successor
|
|
|
Successor
|
|
|
Successor
|
|
( in millions)
|
|
Dec 31, 2015
|
|
|
Dec 31, 2016
|
|
|
June 30, 2017
|
|
Non-current
assets
|
|
|
3,785.2
|
|
|
|
3,835.7
|
|
|
|
3,843.9
|
|
Cash and cash equivalents
|
|
|
618.7
|
|
|
|
329.5
|
|
|
|
300.5
|
|
Other current assets
|
|
|
525.8
|
|
|
|
544.3
|
|
|
|
514.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
4,929.7
|
|
|
|
4,709.5
|
|
|
|
4,658.4
|
|
Current liabilities
|
|
|
1,040.7
|
|
|
|
753.1
|
|
|
|
744.3
|
|
Non-current
liabilities
|
|
|
2,000.9
|
|
|
|
2,053.9
|
|
|
|
2,045.7
|
|
Total liabilities
|
|
|
3,041.6
|
|
|
|
2,807.0
|
|
|
|
2,790.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity
|
|
|
1,888.1
|
|
|
|
1,902.5
|
|
|
|
1,868.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
S-8
Consolidated Cash Flow Statement
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Predecessor
|
|
|
Predecessor
|
|
|
Successor
|
|
|
Successor
|
|
|
Successor
|
|
|
Successor
|
|
( in millions)
|
|
Year
ended
Dec 31
2014
|
|
|
Five months
ended
May 31
2015
|
|
|
Year
ended
Mar 31
2015
|
|
|
Nine months
ended
Dec 31
2015
|
|
|
Year
ended
Dec 31
2016
|
|
|
Six Months
ended
June 30,
2017
|
|
Net cash from/(used in) operating activities
|
|
|
267.4
|
|
|
|
78.7
|
|
|
|
(0.5
|
)
|
|
|
48.0
|
|
|
|
282.1
|
|
|
|
138.3
|
|
Net cash (used in)/generated from investing activities
|
|
|
(26.3
|
)
|
|
|
(6.3
|
)
|
|
|
295.6
|
|
|
|
(959.8
|
)
|
|
|
(50.4
|
)
|
|
|
(19.3
|
)
|
Net cash (used in)/generated by financing activities
|
|
|
(344.2
|
)
|
|
|
(29.4
|
)
|
|
|
353.5
|
|
|
|
952.5
|
|
|
|
(67.7
|
)
|
|
|
(132.9
|
)
|
Net (decrease)/increase in cash and cash equivalents
|
|
|
(103.1
|
)
|
|
|
43.0
|
|
|
|
57.4
|
|
|
|
40.7
|
|
|
|
164.0
|
|
|
|
(13.9
|
)
|
Cash and cash equivalents at end of period
|
|
|
219.2
|
|
|
|
268.4
|
|
|
|
126.8
|
|
|
|
186.1
|
|
|
|
329.5
|
|
|
|
300.5
|
|
Non-IFRS
Financial Information
Adjusted EBITDA/MarginTwelve months ended December 31, 2016
Please find below a reconciliation from profit before taxes for the twelve months ended December 31, 2016 to Adjusted EBITDA for the same period and the
related Adjusted EBITDA margin.
|
|
|
|
|
in millions
|
|
As reported for the
year ended December 31,
2016
|
|
Profit for the period
|
|
|
36.4
|
|
Taxation
|
|
|
39.6
|
|
Net financing costs
|
|
|
62.1
|
|
Depreciation
|
|
|
43.3
|
|
Amortization
|
|
|
7.8
|
|
|
|
|
|
|
EBITDA
|
|
|
189.2
|
|
Exceptional items:
|
|
|
|
|
Costs related to transactions
|
|
|
4.8
|
(a)
|
Costs related to management incentive plans
|
|
|
1.9
|
(b)
|
Investigation of strategic opportunities and other items
|
|
|
8.8
|
(c)
|
Cisterna fire net income
|
|
|
(4.3
|
)
(d)
|
Supply chain reconfiguration
|
|
|
84.3
|
(e)
|
Other restructuring costs
|
|
|
(1.0
|
)
(f)
|
Integration costs
|
|
|
29.6
|
(g)
|
Remeasurement of indemnification assets
|
|
|
10.4
|
(h)
|
Other Adjustments:
|
|
|
|
|
Share based payment charge
|
|
|
1.2
|
(i)
|
|
|
|
|
|
Adjusted EBITDA
(j)
|
|
|
324.9
|
|
|
|
|
|
|
(a)
|
Elimination of costs incurred in relation to completed and potential acquisitions and
one-off
compliance costs incurred as a result of listing on the New York Stock Exchange.
|
(b)
|
Adjustment to eliminate long term management incentive scheme costs from prior ownership.
|
(c)
|
Elimination of costs incurred in relation to investigation of strategic opportunities for the combined group following acquisition by the Company and other items considered
non-recurring.
|
S-9
(d)
|
Elimination of net insurance income offset by incremental operational costs incurred as a result of a fire in August 2014 in the Iglo Groups Italian production facility which produces Findus branded stock for sale
in Italy.
|
(e)
|
Elimination of supply chain reconfiguration costs, namely the closure of the Bjuv factory.
|
(f)
|
Elimination of a credit on release of provisions for restructuring activities associated with operating locations.
|
(g)
|
Elimination of costs recognized by Nomad relating to the integration of the Findus Group.
|
(h)
|
Adjustment to reflect the remeasurement of the indemnification assets recognized on the acquisition of the Findus Group, which is capped at the value of shares held in escrow at the share price as at December 31,
2016.
|
(i)
|
Elimination of share payment charge relating to the Nomad 2015 long term incentive plan and annual
non-executive
directors restricted stock awards.
|
(j)
|
Adjusted EBITDA margin of 16.9% for the twelve months ended December 31, 2016 is calculated by dividing Adjusted EBITDA by revenue of 1,927.7 million.
|
Adjusted EBITDA/MarginSix months ended June 30, 2017
Please find below a reconciliation from profit before taxes for the six months ended June 30, 2017 to Adjusted EBITDA for the same period and the related
Adjusted EBITDA margin.
|
|
|
|
|
in millions
|
|
As reported for the
six months ended
June 30, 2017
|
|
Profit for the period
|
|
|
67.3
|
|
Taxation
|
|
|
17.1
|
|
Net financing costs
|
|
|
48.4
|
|
Depreciation
|
|
|
18.0
|
|
Amortization
|
|
|
3.8
|
|
|
|
|
|
|
EBITDA
|
|
|
154.6
|
|
Exceptional items:
|
|
|
|
|
Costs related to transactions
|
|
|
2.5
|
(a)
|
Investigation and implementation of strategic opportunities and other items
|
|
|
11.5
|
(b)
|
Findus Group integration costs
|
|
|
5.7
|
(c)
|
Remeasurement of indemnification assets
|
|
|
(8.3
|
)
(d)
|
Other Adjustments:
|
|
|
|
|
Share based payment charge
|
|
|
2.1
|
(e)
|
|
|
|
|
|
Adjusted EBITDA
(f)
|
|
|
168.1
|
|
|
|
|
|
|
(a)
|
Elimination of costs incurred in relation to completed and potential acquisitions and
one-off
compliance costs incurred as a result of listing on the New York Stock Exchange.
|
(b)
|
Elimination of costs incurred in relation to investigation and implementation of strategic opportunities and other items considered
non-recurring
for the combined group following
acquisitions by the Company. These costs include commercial reorganization of the combined businesses and settlements of
pre-existing
tax audits.
|
(c)
|
Elimination of
non-recurring
costs related to the integration of the Findus Group, primarily relating to the rollout of the Nomad ERP system.
|
(d)
|
Adjustment to reflect the remeasurement of the indemnification assets recognized on the acquisition of the Findus
Group, which is capped at the value of shares held in escrow at the share price as at June 30, 2017. Offsetting are the release of indemnification assets associated with final settlement of indemnity claims
|
S-10
|
against an affiliate of Permira Advisors LLP, which are legacy tax matters that predate the Companys acquisition of Iglo Group in 2015.
|
(e)
|
Elimination of share based payment charge.
|
(f)
|
Adjusted EBITDA margin 17.0% for the six months ended June 30, 2017 is calculated by dividing Adjusted EBITDA by revenue of 989.4 million.
|
S-11
RISK FACTORS
An investment in our ordinary shares involves a high degree of risk. Before investing in our ordinary shares you should carefully consider the other
information included in this prospectus supplement and accompanying prospectus and the risk factors and other information incorporated herein by reference to our Annual Report on Form 20-F for the fiscal year ended December 31, 2016, or any updates
in our reports on Form 6-K, including the Selected Consolidated Financial Data and Managements Discussion and Analysis of Financial Condition and Results of Operations sections, as applicable, and our financial
statements and related notes contained therein. Any of the risks incorporated by reference could materially and adversely affect our business, financial condition or results of operations. In such a case, the trading price of the ordinary shares
could decline and you may lose all or part of your investment.
USE OF PROCEEDS
We will not receive any proceeds from the sale of our ordinary shares in this offering. All of the ordinary shares offered by the selling shareholders
pursuant to this prospectus supplement will be sold by the selling shareholders for their own account. Pursuant to the Registration Rights Agreement (as defined herein), we will pay certain registration expenses of the selling shareholders.
S-12
MARKET PRICE OF OUR ORDINARY SHARES
Our ordinary shares are currently listed for trading on the NYSE under the symbol NOMD. Our ordinary shares began trading on the London Stock
Exchange (the LSE) on April 15, 2014 and were traded on the LSE until April 20, 2015 when trading was halted through June 22, 2015 due to the announcement of the then-pending Iglo Acquisition. On January 12, 2016, the
Company transferred its listing from the LSE to the NYSE. The following table sets forth the high and low reported sale prices of our ordinary shares as reported on the LSE and NYSSE for the periods indicated.
|
|
|
|
|
|
|
|
|
|
|
High
|
|
|
Low
|
|
Annual
|
|
|
|
|
|
|
|
|
2016 (January 5, 2016 December 31, 2016)
|
|
$
|
13.40
|
|
|
$
|
6.40
|
|
2015 (April 1, 2015 December 31, 2015)
(2)
|
|
$
|
23.11
|
|
|
$
|
10.28
|
|
2014 (April 15, 2014 March 31, 2015)
|
|
$
|
11.75
|
|
|
$
|
9.75
|
|
|
|
|
Quarterly
|
|
|
|
|
|
|
|
|
2016
|
|
|
|
|
|
|
|
|
Fourth Quarter (October 1, 2016 December 31, 2016)
|
|
$
|
12.97
|
|
|
$
|
9.00
|
|
Third Quarter (July 1, 2016 September 30, 2016)
|
|
$
|
12.39
|
|
|
$
|
7.95
|
|
Second Quarter (April 1, 2016 June 30, 2016)
|
|
$
|
10.43
|
|
|
$
|
7.85
|
|
First Quarter (January 5, 2016 March 31, 2016)
(1)
|
|
$
|
13.40
|
|
|
$
|
6.40
|
|
|
|
|
2015
|
|
|
|
|
|
|
|
|
Third Quarter (October 1, 2015 December 31, 2015)
|
|
$
|
17.40
|
|
|
$
|
11.00
|
|
Second Quarter (July 1, 2015 September 30, 2015)
|
|
$
|
23.11
|
|
|
$
|
15.50
|
|
First Quarter (April 1, 2015 June 30, 2015)
(2)
|
|
$
|
22.10
|
|
|
$
|
10.28
|
|
|
|
|
Most Recent Six Months
|
|
|
|
|
|
|
|
|
2017
|
|
|
|
|
|
|
|
|
September (through September 4, 2017)
|
|
$
|
15.28
|
|
|
$
|
14.84
|
|
August
|
|
$
|
15.37
|
|
|
$
|
13.73
|
|
July
|
|
$
|
14.72
|
|
|
$
|
13.54
|
|
June
|
|
$
|
14.72
|
|
|
$
|
13.62
|
|
May
|
|
$
|
14.40
|
|
|
$
|
11.33
|
|
April
|
|
$
|
11.80
|
|
|
$
|
10.77
|
|
March
|
|
$
|
12.00
|
|
|
$
|
10.40
|
|
(1)
|
Issued trading on our ordinary shares began on the NYSE on January 5, 2016.
|
(2)
|
Trading in our ordinary shares was suspended on the LSE from April 20, 2015 through June 22, 2015 due to the announcement of the then-pending Iglo Acquisition.
|
On September 5, 2017, the closing price of our ordinary shares on the NYSE was $14.92. Computershare Trust Company, N.A. is the transfer agent and
registrar for our ordinary shares. As of May 5, 2017, approximately 137,457,662 ordinary shares, representing approximately 74.87% of our outstanding ordinary shares, were held by approximately 3,990 United States record holders.
S-13
DIVIDEND POLICY
We have not declared or paid any dividends on our ordinary shares since our inception on April 1, 2014, and have no current plans to pay dividends on our
ordinary shares. The declaration and payment of future dividends to holders of our ordinary shares will be at the discretion of our board of directors and will depend upon many factors, including our financial condition, earnings, legal
requirements, restrictions in our debt agreements and other factors deemed relevant by our board of directors. In addition, as a holding company, our ability to pay dividends depends on our receipt of cash dividends from our operating subsidiaries,
which may further restrict our ability to pay dividends as a result of the laws of their respective jurisdictions of organization, agreements of our subsidiaries or covenants under future indebtedness that we or they may incur. See Item 3D:
Key Information Risk Factors Risks Related to our ordinary shares Dividend payments on our ordinary shares are not expected, and for a discussion of taxation of any dividends, see
Certain Tax Considerations in this prospectus supplement and Item 10E: Additional Information Taxation in our Annual Report on Form
20-F
for the fiscal year ended
December 31, 2016 incorporated by reference herein.
S-14
CAPITALIZATION
The following table sets forth the consolidated cash and cash equivalents and capitalization of the Company as of June 30, 2017.
|
|
|
|
|
( in millions)
|
|
As of
June 30, 2017
|
|
Cash and Cash Equivalents
(1)
|
|
|
300.5
|
|
|
|
Debt
|
|
|
|
|
Senior debt and other loans
(2)
|
|
|
1,035.0
|
|
Senior notes
|
|
|
400.0
|
|
Total debt
|
|
|
1,435.0
|
|
|
|
|
|
|
Equity:
|
|
|
|
|
Capital reserve
|
|
|
1,707.4
|
|
Founder Preferred Shares Dividend reserve
|
|
|
493.4
|
|
Other reserves
(3)
|
|
|
82.8
|
|
Accumulated deficit
|
|
|
(415.2
|
)
|
Total equity
|
|
|
1,868.4
|
|
|
|
|
|
|
Total capitalization
|
|
|
3,303.4
|
|
|
|
|
|
|
(1)
|
Cash and cash equivalents includes restricted cash of 0.5 million.
|
(2)
|
Senior debt and other loans are shown excluding capitalized deferred borrowing costs of 9.4 million.
|
(3)
|
Other reserves are made up of a translation reserve of 81.5 million, a cash flow reserve of (1.1) million and share based compensation reserve of 2.4 million.
|
S-15
SELLING SHAREHOLDERS
The following table sets forth, the name, the number of ordinary shares beneficially owned as of September 5, 2017, the number of ordinary shares being
offered pursuant to this prospectus supplement and the number of ordinary shares that will be beneficially owned immediately after completion of the offering contemplated by this prospectus supplement and the concurrent share repurchase by each of
the shareholders selling ordinary shares in this offering.
The amounts and percentages of shares beneficially owned are reported on the basis of SEC
regulations governing the determination of beneficial ownership of securities. Under SEC rules, a person is deemed to be a beneficial owner of a security if that person has or shares voting power or investment power, which includes the
power to dispose of or to direct the disposition of such security. A person is also deemed to be a beneficial owner of any securities of which that person has a right to acquire beneficial ownership within 60 days. Securities that can be so acquired
are deemed to be outstanding for purposes of computing such persons ownership percentage, but not for purposes of computing any other persons percentage. Under these rules, more than one person may be deemed to be a beneficial owner of
the same securities and a person may be deemed to be a beneficial owner of securities as to which such person has no economic interest.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary Shares
Beneficially Owned Prior to
this Offering and
Concurrent Share Repurchase
|
|
|
Ordinary
Shares
Offered
|
|
|
Ordinary Shares
Beneficially Owned After
this Offering
and
Concurrent Share Repurchase
|
|
Name of Selling shareholders
|
|
Number
|
|
|
%
(1)
|
|
|
|
Number
|
|
|
%
(1)
|
|
Pershing Square Funds
(2)
|
|
|
33,333,334
|
|
|
|
19.4
|
%
|
|
|
33,333,334
|
|
|
|
|
|
|
|
|
|
(1)
|
As of August 8, 2017, we had 172,355,189 ordinary shares outstanding.
|
(2)
|
Pershing Square Capital Management, L.P., a Delaware limited partnership (Pershing Square), as the investment adviser to Pershing Square, L.P., a Delaware limited partnership (PSLP), Pershing
Square II, L.P., a Delaware limited partnership (PSII), Pershing Square International, Ltd., a Cayman Islands exempted company (PSINTL), and Pershing Square Holdings, Ltd., a limited liability company incorporated in Guernsey
(PSH and together with PSLP, PSII and PSINTL, the Pershing Square Funds), may be deemed to have the shared power to vote or direct the vote of (and the shared power to dispose or direct the disposition of) the shares held by
the Pershing Square Funds. As the general partner of Pershing Square, PS Management GP, LLC, a Delaware limited liability company (PS Management), may be deemed to have the shared power to vote or direct the vote of (and the shared power
to dispose or direct the disposition of) the shares held by the Pershing Square Funds. By virtue of William A. Ackmans position as the Chief Executive Officer of Pershing Square and managing member of PS Management, William A. Ackman may be
deemed to have the shared power to vote or direct the vote of (and the shared power to dispose or direct the disposition of) the shares held by the Pershing Square Funds. The address of the Pershing Square Funds is c/o Pershing Square Capital
Management, L.P., 888 Seventh Avenue, New York, NY 10019.
|
S-16
SHARES ELIGIBLE FOR FUTURE SALE
We cannot predict what effect, if any, market sales of our ordinary shares or the availability of our ordinary shares for sale will have on the market price
of our ordinary shares prevailing from time to time. Nevertheless, sales of substantial amounts of ordinary shares, including shares issued upon the exercise of outstanding options or restricted stock units, in the public market, or the perception
that such sales could occur, could materially and adversely affect the market price of our ordinary shares and could impair our future ability to raise capital through the sale of our equity or equity-related securities at a time and price that we
deem appropriate.
As of August 8, 2017, we had outstanding an aggregate of approximately 172,355,189 ordinary shares. Of the outstanding shares, the
shares sold in this offering will be freely tradable without restriction or further registration under the Securities Act, except that any shares held by our affiliates, as that term is defined under Rule 144, may be sold only in
compliance with the limitations described below. Restricted securities may be sold in the public market only if they are registered or if they qualify for an exemption from registration, including the exemptions under Rule 144, which we
summarize below.
In addition, as of August 8, 2017, there were 125,000 ordinary shares issuable upon the exercise of options to purchase shares with
an exercise price of $11.50 per share; 1,500,000 ordinary shares issuable upon the conversion of our founder preferred shares; 5,212,000 performance stock units; and an aggregate of approximately 11,954,010 shares reserved for future issuance under
our share-based compensation plans.
Rule 144
In
general, under Rule 144, as currently in effect, a person (or persons whose shares are aggregated) who is not deemed to be or have been one of our affiliates for purposes of the Securities Act at any time during 90 days preceding a sale and who has
beneficially owned the shares proposed to be sold for at least six months, including the holding period of any prior owner other than an affiliate, is entitled to sell such shares without registration, subject to compliance with the public
information requirements of Rule 144. If such a person has beneficially owned the shares proposed to be sold for at least one year, including the holding period of a prior owner other than an affiliate, then such person is entitled to sell such
shares without complying with any of the requirements of Rule 144.
In general, under Rule 144, as currently in effect, our affiliates or persons selling
shares on behalf of our affiliates, who have met the six month holding period for beneficial ownership of restricted shares of our ordinary shares, are entitled to sell within any three-month period, a number of shares that does not
exceed the greater of:
|
|
1% of the number of our ordinary shares then outstanding, which equals approximately 1,723,551 shares as of August 8, 2017; or
|
|
|
the average reported weekly trading volume of our ordinary shares on the NYSE during the four calendar weeks preceding the filing of a notice on Form 144 with respect to such sale.
|
Sales under Rule 144 by our affiliates or persons selling shares on behalf of our affiliates are also subject to certain manner of sale provisions and notice
requirements and to the availability of current public information about us. The sale of these shares, or the perception that sales will be made, could adversely affect the price of our ordinary shares after this offering because a great supply of
shares would be, or would be perceived to be, available for sale in the public market.
Registration Rights
On June 1, 2015, we entered into a registration rights agreement with Birds Eye Iglo Limited Partnership Inc., Mariposa Acquisition II, LLC, TOMS Acquisition I
LLC, TOMS Capital Investments LLC and with funds
S-17
managed by Pershing Square, pursuant to which we agreed to file a resale registration statement providing for the resale from time to time by the holders of ordinary shares held by them, use our
commercially reasonable efforts to cause the SEC to declare such registration statement effective as soon as practicable after the filing thereof and use our commercially reasonable efforts to cause such registration statement to remain continuously
effective. Subject to certain conditions, we may suspend sales of shares under an effective registration statement for a limited period of time. Our obligations with respect to a particular holder shall terminate at the earlier of (a) such time as
all of the holders ordinary shares have been sold, (b) such time as all of the holders ordinary shares have been sold, transferred or otherwise disposed of pursuant to Rule 144 without any volume or manner of sale restrictions and (c)
such time as such Holder is not an affiliate of ours and holds ordinary shares which constitute 2% or less of the outstanding ordinary shares. We have agreed to bear most of the costs associated with fulfillment of our obligations under
the registration rights agreement and to provide a general indemnity (subject to certain limited exceptions) against the liability of any holder that may arise from sales made pursuant to the terms of the registration rights
agreement.
S-18
CERTAIN TAX CONSIDERATIONS
U.S. Federal Income Taxation
General
The following discussion is a summary of certain U.S. federal income tax issues relevant to the acquisition, holding and disposition of the ordinary shares.
Additional tax issues may exist that are not addressed in this discussion and that could affect the U.S. federal income tax treatment of the acquisition, holding and disposition of the ordinary shares.
This discussion does not address U.S. state, local or
non-U.S.
income tax consequences and does not address any
non-income
tax consequences such as estate or gift taxes. The discussion applies, unless indicated otherwise, only to holders of ordinary shares who acquire the ordinary shares as capital assets. It does not address
special classes of holders that may be subject to different treatment under the Internal Revenue Code of 1986, as amended (the Code), such as:
|
|
|
certain financial institutions;
|
|
|
|
dealers and traders in securities;
|
|
|
|
persons holding ordinary shares as part of a hedge, straddle, conversion or other integrated transaction;
|
|
|
|
partnerships or other entities classified as partnerships for U.S. federal income tax purposes;
|
|
|
|
persons liable for the alternative minimum tax;
|
|
|
|
tax-exempt
organizations;
|
|
|
|
certain U.S. expatriates;
|
|
|
|
persons holding ordinary shares that own or are deemed to own 10 percent or more (by vote or value) of the Companys voting stock; or
|
|
|
|
non-U.S.
Holders that do not use the U.S. Dollar as their functional currency.
|
This section is based on the Code, its legislative history, existing and proposed regulations, published rulings by the Internal Revenue Service
(IRS) and court decisions, all as currently in effect. These laws are subject to change, possibly on a retroactive basis. Holders of ordinary shares should consult their own tax advisers concerning the U.S. federal, state, local and
non-U.S.
tax consequences of acquiring, holding and disposing of ordinary shares in their particular circumstances.
As
used herein, a U.S. Holder is a beneficial owner of ordinary shares that is, for U.S. federal income tax purposes: (i) an individual who is a citizen or resident of the United States; (ii) a corporation or other entity taxable
as a corporation, created or organized in or under the laws of the United States or any political subdivision thereof; (iii) an estate the income of which is subject to U.S. federal income taxation regardless of its source; or (iv) a trust
if (1) a court within the United States is able to exercise primary supervision over the administration of the trust and one or more United States persons (within the meaning of the Code) have the authority to control all
substantial decisions of the trust, or (2) it has a valid election in effect under applicable Treasury regulations to be treated as a United States person.
This discussion is based upon certain understandings and assumptions with respect to the business, assets and shareholders, including that the Company is not,
does not expect to become, nor at any time has been, a controlled foreign corporation as defined in Section 957 of the Code (a CFC). The Company believes that it is not and has never been a CFC, and does not expect to become a CFC.
In the event that one or more of such understandings and assumptions proves to be inaccurate, the following discussion may not apply and material adverse U.S. federal income tax consequences may result to U.S. Holders.
S-19
Passive Foreign Investment Company (PFIC) Considerations
The U.S. federal income tax treatment of U.S. Holders will differ depending on whether or not the Company is considered a passive foreign investment company
(PFIC) for U.S. federal income tax purposes.
In general, the Company will be considered a PFIC for any taxable year in which: (i)
75 percent or more of its gross income consists of passive income; or (ii) 50 percent or more of the average quarterly market value of its assets in that year are assets (including cash) that produce, or are held for the production of,
passive income. For purposes of the above calculations, if the Company, directly or indirectly, owns at least 25 percent by value of the stock of another corporation, then the Company generally would be treated as if it held its proportionate
share of the assets of such other corporation and received directly its proportionate share of the income of such other corporation. Passive income generally includes, among other things, dividends, interest, rents, royalties, certain gains from the
sale of stock and securities, and certain other investment income.
Based on the anticipated market price of shares in the offering and the current and
anticipated composition of the income, assets and operations of the Company and its subsidiaries, the Company believes that it is not a PFIC in the current year and is not likely to be a PFIC in future years. This is a factual determination,
however, that depends on, among other things, the composition of the income and assets, and the market value of the shares and assets, of the Company and its subsidiaries from time to time, and thus there is no assurance that the Company will not be
a PFIC in the current year or in future years. If the Company is a PFIC for any taxable year during which a U.S. Holder holds (or, in the case of a lower-tier PFIC, is deemed to hold) its ordinary shares, such U.S. Holder will be subject to
significant adverse U.S. federal income tax rules. U.S. Holders should consult their tax advisors on the federal income tax consequences of the Company being treated as a PFIC.
Tax Consequences for U.S. Holders if the Company is not a PFIC
Dividends
In general, subject to the PFIC rules discussed
above, a distribution on an ordinary share will constitute a dividend for U.S. federal income tax purposes to the extent that it is made from the Companys current or accumulated earnings and profits as determined under U.S. federal income tax
principles. If a distribution exceeds the Companys current and accumulated earnings and profits, it will be treated as a
non-taxable
reduction of basis to the extent of the U.S. Holders tax basis
in the ordinary share on which it is paid, and to the extent it exceeds that basis it will be treated as capital gain. Because the Company does not maintain calculations of its earnings and profits under U.S. federal income tax principles, a U.S.
Holder should expect all cash distributions to be reported as dividends for U.S. federal income tax purposes. For purposes of this discussion, the term dividend means a distribution that constitutes a dividend for U.S. federal income tax
purposes.
The gross amount of any dividend on an ordinary share (which will include the amount of any foreign taxes withheld) generally will be subject
to U.S. federal income tax as foreign source dividend income, and will not be eligible for the corporate dividends received deduction.
Subject to certain
exceptions for short-term and hedged positions, a dividend that a
non-corporate
holder receives on an ordinary share will be subject to a maximum federal income tax rate of 20 percent if the dividend is a
qualified dividend not including the Net Investment Income Tax, described below. A dividend on an ordinary share will be a qualified dividend if (i) either (a) the ordinary shares are readily tradable on an established market in the
United States or (b) the Company is eligible for the benefits of a comprehensive income tax treaty with the United States that the Secretary of the Treasury determines is satisfactory for purposes of these rules and that includes an exchange of
information program, and (ii) the Company was not, in the year prior to the year the dividend was paid, and is not, in the year the dividend is paid, a PFIC. Since the ordinary shares are listed on the New York Stock Exchange, the ordinary
shares should be treated as readily tradable on an established securities market in the United States. Even if dividends on the ordinary shares would otherwise be eligible for qualified dividend treatment, in order to qualify for the reduced
qualified dividend tax rates, a
non-corporate
holder must
S-20
hold the ordinary share on which a dividend is paid for more than 60 days during the
120-day
period beginning 60 days before the
ex-dividend
date, disregarding for this purpose any period during which the
non-corporate
holder has an option to sell, is under a contractual obligation to sell or has made
(and not closed) a short sale of substantially identical stock or securities, is the grantor of an option to buy substantially identical stock or securities or, pursuant to Treasury regulations, has diminished its risk of loss by holding one or more
other positions with respect to substantially similar or related property. In addition, to qualify for the reduced qualified dividend tax rates, the
non-corporate
holder must not be obligated to make related
payments with respect to positions in substantially similar or related property. Payments in lieu of dividends from short sales or other similar transactions will not qualify for the reduced qualified dividend tax rates.
A
non-corporate
holder that receives an extraordinary dividend eligible for the reduced qualified dividend rates must
treat any loss on the sale of the stock as a long-term capital loss to the extent of the dividend. For purposes of determining the amount of a
non-corporate
holders deductible investment interest
expense, a dividend is treated as investment income only if the
non-corporate
holder elects to treat the dividend as not eligible for the reduced qualified dividend tax rates. Special limitations on foreign
tax credits with respect to dividends subject to the reduced qualified dividend tax rates apply to reflect the reduced rates of tax.
Non-corporate
holders of ordinary shares are urged to consult their own tax advisers regarding the availability of the reduced qualified dividend tax rates with respect to dividends received on the ordinary shares
in light of their own particular circumstances.
Capital Gains
Subject to the PFIC rules discussed above, on a sale or other taxable disposition of an ordinary share, a U.S. Holder will recognize capital gain or loss in an
amount equal to the difference between the U.S. Holders adjusted basis in the ordinary share and the amount realized on the sale or other disposition, each determined in U.S. Dollars. Such capital gain or loss will be long-term capital gain or
loss if at the time of the sale or other taxable disposition the ordinary share has been held for more than one year. In general, any adjusted net long-term capital gain of an individual is subject to a maximum federal income tax rate of
20 percent, plus the Medicare Contribution Tax of 3.8%, discussed below. Capital gains recognized by corporate U.S. holders generally are subject to U.S. federal income tax at the same rate as ordinary income. The deductibility of capital
losses is subject to limitations.
Any gain a U.S. Holder recognizes generally will be U.S. source income for U.S. foreign tax credit purposes, and,
subject to certain exceptions, any loss will generally be a U.S. source loss. If a
non-U.S.
income tax is paid on a sale or other disposition of an ordinary share, the amount realized will include the gross
amount of the proceeds of that sale or disposition before deduction of the
non-U.S.
tax. The generally applicable limitations under U.S. federal income tax law on crediting foreign income taxes may preclude a
U.S. Holder from obtaining a foreign tax credit for any
non-U.S.
tax paid on a sale or other disposition of an ordinary share. The rules relating to the determination of the foreign tax credit are complex, and
U.S. holders are urged to consult with their own tax advisers regarding the application of such rules. Alternatively, any
non-U.S.
income tax paid on the sale or other disposition of an ordinary share may be
taken as a deduction against taxable income to the extent such tax is not refundable, provided the U.S. Holder takes a deduction and not a credit for all foreign income taxes paid or accrued in the same taxable year.
Medicare Contribution Tax
Dividends received and capital
gains from the sale or other taxable disposition of the ordinary shares recognized by certain
non-corporate
U.S. Holders with respect to ordinary shares will be includable in computing net investment income of
such U.S. Holder for purposes of the 3.8 percent Medicare Contribution Tax.
S-21
Tax Consequences for
Non-U.S.
Holders of Ordinary Shares
Dividends
A
non-U.S.
Holder generally will not be subject to U.S. federal income tax or withholding on dividends received from the Company with respect to ordinary shares, other than in certain specific circumstances
where such income is deemed effectively connected with the conduct by the
non-U.S.
Holder of a trade or business in the United States. If a
non-U.S.
Holder is entitled
to the benefits of a U.S. income tax treaty with respect to those dividends, that income is generally subject to U.S. federal income tax only if it is attributable to a permanent establishment maintained by the
non-U.S.
Holder in the United States. A
non-U.S.
Holder that is subject to U.S. federal income tax on dividend income under the foregoing exception generally will be
taxed with respect to such dividend income on a net basis in the same manner as a U.S. Holder unless otherwise provided in an applicable income tax treaty; a
non-U.S.
Holder that is a corporation for U.S.
federal income tax purposes may also be subject to a branch profits tax with respect to such item at a rate of 30 percent (or at a reduced rate under an applicable income tax treaty).
Sale, Exchange or Other Taxable Disposition of Ordinary Shares
A
non-U.S.
Holder generally will not be subject to U.S. federal income tax or withholding with respect to any gain
recognized on a sale, exchange or other taxable disposition of ordinary shares unless:
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|
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Certain circumstances exist under which the gain is treated as effectively connected with the conduct by the
non-U.S.
Holder of a trade or business in the United States, and, if
certain tax treaties apply, is attributable to a permanent establishment maintained by the
non-U.S.
Holder in the United States; or
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the
non-U.S.
Holder is an individual and is present in the United States for 183 or more days in the taxable year of the sale, exchange or other taxable disposition, and meets
certain other requirements.
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If the first exception applies, the
non-U.S.
Holder generally will be
subject to U.S. federal income tax with respect to such item on a net basis in the same manner as a U.S. Holder unless otherwise provided in an applicable income tax treaty; a
non-U.S.
Holder that is a
corporation for U.S. federal income tax purposes may also be subject to a branch profits tax with respect to such item at a rate of 30 percent (or at a reduced rate under an applicable income tax treaty). If the second exception applies, the
non-U.S.
Holder generally will be subject to U.S. federal income tax at a rate of 30 percent (or at a reduced rate under an applicable income tax treaty) on the amount by which such
non-U.S.
Holders capital gains allocable to U.S. sources exceed capital losses allocable to U.S. sources during the taxable year of disposition of the ordinary shares.
Information Reporting and Backup Withholding and Other Reporting Requirements
Under U.S. federal income tax laws, certain categories of U.S. Holders must file information returns with respect to their investment in, or involvement in, a
foreign corporation (including IRS Forms 926). Persons who are required to file these information returns and fail to do so may be subject to substantial penalties. Pursuant to Section 1298(f) of the Code, for any year in which the Company is a
PFIC, each U.S. Holder will be required to file an information statement, Form 8621, regarding such U.S. Holders ownership interest in the Company. U.S. Holders of ordinary shares should consult with their own tax advisers regarding the
requirements of filing information returns.
Furthermore, certain U.S. Holders who are individuals and to the extent provided in regulations, certain
entities, will be required to report information with respect to such U.S. Holders investment in foreign financial assets on IRS Form 8938. An interest in the Company constitutes a foreign financial asset for these purposes.
Persons who are required to report foreign financial assets and fail to do so may be subject to substantial penalties. Potential shareholders are urged to consult with their own tax advisers regarding the foreign financial asset reporting
obligations and their application to an investment in ordinary shares.
Payments of dividends and sales proceeds that are made within the United States or
through certain U.S.-related financial intermediaries generally are subject to information reporting and to backup withholding unless the U.S.
S-22
Holder is a corporation or other exempt recipient or, in the case of backup withholding, the U.S. Holder provides a correct taxpayer identification number and certifies that no loss of exemption
from backup withholding has occurred. The amount of any backup withholding from a payment to a U.S. Holder will be allowed as a credit against the U.S. Holders U.S. federal income tax liability and may entitle such U.S. Holder to a refund,
provided that the required information is furnished to the IRS.
Non-U.S.
Holders generally are not subject to the
reporting requirements discussed in the first two paragraphs above, and generally are not subject to information reporting or backup withholding with respect to dividends paid on ordinary shares, or the proceeds from the sale, exchange or other
disposition of ordinary shares, provided that each such
non-U.S.
Holder certifies as to its foreign status on the applicable duly executed IRS Form
W-8
or otherwise
establishes an exemption.
The Foreign Account Tax Compliance Act (FATCA) imposes withholding at a 30 percent rate on payments of
interest and dividends and gross proceeds from the disposition of any asset that produces interest or dividends, if such payment is sourced in the United States, to (i) a foreign financial institution (as defined under FATCA) unless such
foreign financial institution agrees to verify, report and disclose its U.S. accountholders and meet certain other specified requirements or (ii) a
non-financial
foreign entity (as defined under FATCA)
that is treated as the beneficial owner of the payment unless such entity certifies that an exception applies or that it does not have any substantial U.S. owners (generally owners of more than 10 percent of the interests in the entity) or
provides the name, address and taxpayer identification number of each substantial U.S. owner and such entity meets certain other specified requirements. Under FATCA, beginning at earliest in 2019, a new U.S. federal income tax withholding regime
applies to passthru payments made to certain
non-U.S.
persons. Under current guidance, passthru payments are not specifically defined, and it is therefore not clear whether or to what extent
payments on the ordinary shares would be considered passthru payments. The United States has entered into intergovernmental agreements (IGAs) with the British Virgin Islands and the United Kingdom, which modify the FATCA withholding regime
described above. Under the FATCA rules and IGAs, it is not clear whether we would be treated as a financial institution subject to the diligence, reporting and withholding obligations under FTCA or the IGAs. Furthermore, it is not yet clear how the
IGAs will address foreign passthru payments.
This summary is for general information only and it is not intended to be, nor should it be construed
to be, tax or legal advice to any prospective shareholder. Further, this summary is not intended to constitute a complete analysis of all U.S. federal income tax consequences relating to holders of their acquisition, ownership and disposition of the
ordinary shares. Accordingly, prospective holders of ordinary shares should consult their own tax advisers about the U.S. federal, state, local and
non-U.S.
tax consequences of the acquisition, ownership and
disposition of the ordinary shares.
British Virgin Islands Taxation
The Company
We are not subject to any income,
withholding or capital gains taxes in the British Virgin Islands. No capital or stamp duties are levied in the British Virgin Islands on the issue, transfer or redemption of ordinary shares.
Shareholders
Shareholders who are not tax
resident in the British Virgin Islands will not be subject to any income, withholding or capital gains taxes in the British Virgin Islands, with respect to the ordinary shares of the Company owned by them and dividends received on such ordinary
shares, nor will they be subject to any estate or inheritance taxes in the British Virgin Islands.
S-23
United Kingdom Taxation
General
The following is a general summary of
material UK tax considerations relating to the ownership and disposal of our ordinary shares. The comments set out below are based on current United Kingdom tax law as of the date of this summary, which is subject to change, possibly with
retrospective effect. This summary does not constitute legal or tax advice and applies only to shareholders holding our ordinary shares as an investment and who are the beneficial owners thereof, whose ordinary shares are not held through an
individual savings account or a self-invested personal pension and who have not acquired their or another persons ordinary shares by reason of their or another persons employment. These comments may not apply to certain classes of
persons, including dealers in securities, insurance companies and collective investment schemes.
This summary is for general information only and is not
intended to be, nor should it be considered to be, legal or tax advice to any particular investor. It does not address all of the tax considerations that may be relevant to specific investors in light of their particular circumstances or to
investors subject to special treatment under UK tax law. Potential investors should consult their own tax advisers concerning the overall tax consequences of acquiring, holding and disposing of our ordinary shares in their particular circumstances.
The Company
On January 12, 2016, we
became centrally managed and controlled in the United Kingdom and therefore became resident in the United Kingdom for UK taxation purposes. Accordingly, since that date, we are subject to UK taxation on our income and gains, except where an
exemption applies. Dividend income will generally be exempt from UK corporation tax on income if certain conditions are met.
We may be treated as a
dual resident company for UK tax purposes. As a result, our right to claim certain reliefs from UK tax may be restricted, and changes in law or practice in the United Kingdom could result in the imposition of further restrictions on our right to
claim UK tax reliefs.
Shareholders
Sale,
Exchange or Other Taxable Disposition of Ordinary Shares
Subject to their individual circumstances, shareholders who are resident in the United
Kingdom for UK taxation purposes will potentially be liable to UK taxation, as further explained below, on any gains which accrue to them on a sale or other disposition of their ordinary shares which constitutes a disposal for UK
taxation purposes.
A shareholder who is not resident in the United Kingdom for UK tax purposes will not generally be subject to UK tax on chargeable
gains on a disposal of ordinary shares unless such a shareholder carries on a trade, profession or vocation in the United Kingdom through a branch or agency or, in the case of a corporate shareholder, a permanent establishment. For shareholders in
such circumstances, a gain on a disposal of our ordinary shares may be subject to UK taxation.
An individual shareholder who acquires ordinary shares
while UK resident, who temporarily ceases to be UK resident or becomes resident in a territory outside the United Kingdom for the purposes of double taxation relief arrangements, and who disposes of our ordinary shares during that period of
temporary
non-UK
residence, may on his or her return to the United Kingdom be liable to UK capital gains tax on any chargeable gain realized on that disposal.
For an individual shareholder within the charge to capital gains tax, a disposal of ordinary shares may give rise to a chargeable gain or allowable loss for
the purposes of UK capital gains tax. The rate of capital gains tax is 10% for individuals who are subject to income tax at the basic rate and 20% to the extent that an individual
S-24
shareholders chargeable gains, when aggregated with his or her income chargeable to income tax, exceeds the basic rate band for income tax purposes. However, an individual shareholder is
entitled to realize £11,300 of gains (the annual exempt amount) in each tax year without being liable to tax.
For a shareholder within the charge
to UK corporation tax, a disposal (or deemed disposal) of ordinary shares may give rise to a chargeable gain or allowable loss for the purposes of UK corporation tax. Corporation tax is charged on chargeable gains at the rate applicable to that
company, subject to any available exemption or relief. Indexation allowance may reduce the amount of chargeable gain that is subject to corporation tax (but may not give rise to or increase an allowable loss).
Dividends on Ordinary Shares
No UK tax will be withheld
or deducted at source from dividends paid by us on our ordinary shares.
Shareholders who are resident in the United Kingdom for tax purposes may, subject
to their individual circumstances, be liable to UK income tax or, as the case may be, UK corporation tax on dividends paid to them by us.
If and to the
extent that an individual shareholder who is subject to UK income tax receives dividends in each tax year which, in aggregate, exceed a certain allowance, the individual will be subject to UK income tax on those dividends at the rate of 7.5% (in the
case of basic rate taxpayers), 32.5% (in the case of higher rate taxpayers) and 38.1% (in the case of additional rate taxpayers), and the individual will not be entitled to any tax credit in respect of those dividends. The allowance is currently
£5,000, but the UK government has announced that it will be reduced to £2,000 for dividends received on or after April 6, 2018. For the purpose of determining which of the above rates of income tax applies to dividend income in excess of
the tax-free allowance, dividend income is treated as the top slice of an individuals total income chargeable to UK income tax.
Shareholders who
are within the charge to UK corporation tax are generally likely to be exempt from corporation tax on dividends they receive from us, provided the dividends fall within an exempt class and certain conditions are met.
Stamp duty/stamp duty reserve tax
(i) Issue of
Ordinary Shares
No UK stamp duty or stamp duty reserve tax will be payable on the issue of ordinary shares, subject to the comments in
(iii) below.
(ii) Transfers of Ordinary Shares
UK stamp duty will in principle be payable on any instrument of transfer of our ordinary shares that is executed in the United Kingdom or that relates to any
property situated, or to any matter or thing done or to be done, in the United Kingdom. An exemption from stamp duty is available on an instrument transferring ordinary shares where the amount or value of the consideration is £1,000 or less
and it is certified on the instrument that the transaction effected by the instrument does not form part of a larger transaction or series of transactions in respect of which the aggregate amount or value of the consideration exceeds £1,000.
Shareholders should be aware that, even where an instrument of transfer is in principle subject to stamp duty, stamp duty is not required to be paid unless it is necessary to rely on the instrument for legal purposes, for example to register a
change of ownership or in litigation in a UK court. An instrument of transfer need not be stamped in order for the British Virgin Islands register of ordinary shares to be updated, and the register is conclusive proof of legal ownership.
Provided that the ordinary shares are not registered in any register maintained in the United Kingdom by or on behalf of us and are not paired with any shares
issued by a UK incorporated company, any agreement to transfer ordinary shares will not be subject to UK stamp duty reserve tax. We currently do not intend that any register of our ordinary shares will be maintained in the United Kingdom.
S-25
(iii) Ordinary Shares held through clearance services or depositary receipt arrangements
Where ordinary shares are transferred or issued to, or to a nominee or agent for, a person whose business is or includes the provision of clearance services or
issuing depositary receipts (but not including CREST), UK stamp duty or stamp duty reserve tax may be payable at a rate of 1.5% (rounded up if necessary, in the case of stamp duty, to the nearest multiple of £5) of the amount or value of the
consideration payable for (or, in certain circumstances, the value of) the ordinary shares. This liability for stamp duty or stamp duty reserve tax will be payable by the clearance service or depositary receipt operator or its nominee, as the case
may be, but in practice participants in the clearance service or depositary receipt scheme will generally be required to reimburse them for such cost.
Following litigation, H.M. Revenue and Customs has confirmed that it will no longer seek to apply the above 1.5% stamp duty or stamp duty reserve tax charge
on the issue of shares into a clearance service or depositary receipt system established in a European Union Member State on the basis that the charge is not compatible with EU law. However, their view is that the 1.5% charge will still apply to the
transfer of shares into such a clearance service or depositary receipts system where the transfer is not an integral part of the issue of share capital. There is an exception from the 1.5% charge on the transfer to, or to a nominee or agent for, a
clearance service where the clearance service has made and maintained an election under section 97A(1) of the UK Finance Act 1986 which has been approved by HMRC. Shareholders should consult their own independent professional advisers before
incurring or reimbursing the costs of such a 1.5% stamp duty or stamp duty reserve tax charge.
S-26
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UNDERWRITING
Under the terms and subject to the conditions in an underwriting agreement
dated the date of this prospectus supplement, Credit Suisse Securities (USA) LLC, Barclays Capital Inc. and Jefferies LLC have severally agreed to purchase, and the selling shareholders have agreed to sell to them, severally, the number of ordinary
shares indicated below:
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Name
|
|
Number of Shares
|
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Credit Suisse Securities (USA) LLC
|
|
|
26,666,668
|
|
Barclays Capital Inc.
|
|
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3,333,333
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Jefferies LLC
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3,333,333
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Total:
|
|
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33,333,334
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|
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The underwriters are offering the ordinary shares subject to its acceptance of the shares from us and subject to prior sale.
The underwriting agreement provides that the obligation of the underwriters to pay for and accept delivery of the ordinary shares offered by this prospectus supplement is subject to the approval of certain legal matters by counsel and to certain
other conditions. The underwriters are obligated to take and pay for all of the ordinary shares offered by this prospectus supplement if any such shares are taken.
The underwriters are collectively referred to as the underwriters. The underwriters initially propose to offer part of the ordinary shares
directly to the public at the offering price listed on the cover page of this prospectus supplement and part to certain dealers at a price that represents a concession not in excess of $0.0858 per share under the public offering price. After the
initial offering of the ordinary shares, the offering price and other selling terms may from time to time be varied by the underwriters.
The following
table shows the per share and total underwriting discounts and commissions to be paid to the underwriters by the selling shareholder. No underwriting discounts or commissions are payable in respect of the shares being purchased by us.
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Per
Share
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|
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Total
|
|
Public offering price
|
|
$
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14.30
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$
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475,656,575.25
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(1)
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Underwriting discounts and commissions
|
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$
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0.143
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$
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3,756,565.81
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Proceeds, before expenses, to selling shareholders
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$
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14.157
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$
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471,900,009.44
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(1) The
total public offering price reflects the sale of 26,269,691 ordinary shares to the public at the per share public offering price and the sale of 7,063,643 ordinary shares to us at a price of $14.157 per ordinary share.
The Company has agreed to purchase from the underwriters 7,063,643 ordinary shares in the offering at a price of $14.157 per ordinary share, which represents
the price at which the underwriters have agreed to purchase the shares from the selling shareholders in this offering.
The estimated offering expenses
payable by us, exclusive of the underwriting discounts and commissions, are approximately $450,000. We have agreed to reimburse the underwriters for expense relating to clearance of this offering with the Financial Industry Regulatory Authority up
to $30,000.
Our ordinary shares are listed on the New York Stock Exchange under the trading symbol NOMD.
In order to facilitate the offering of the ordinary shares, the underwriters may engage in transactions that stabilize, maintain or otherwise affect the price
of the ordinary shares. Specifically, the underwriters may sell
S-27
more shares than they are obligated to purchase under the underwriting agreement, creating a short position. The underwriters must close out any short position by purchasing shares in the open
market. A short position is more likely to be created if the underwriters are concerned that there may be downward pressure on the price of the ordinary shares in the open market after pricing that could adversely affect investors who purchase in
this offering. As an additional means of facilitating this offering, the underwriters may bid for, and purchase, ordinary shares in the open market to stabilize the price of the ordinary shares. These activities may raise or maintain the market
price of the ordinary shares above independent market levels or prevent or retard a decline in the market price of the ordinary shares. The underwriters are not required to engage in these activities and may end any of these activities at any time.
We, the selling shareholders and the underwriters have agreed to indemnify each other against certain liabilities, including liabilities under the
Securities Act.
A prospectus supplement in electronic format may be made available on websites maintained by one or more underwriters, or selling group
members, if any, participating in this offering. The underwriters may agree to allocate a number of ordinary shares for sale to their online brokerage account holders. Internet distributions will be allocated by the underwriter that may make
Internet distributions on the same basis as other allocations.
The underwriters and their respective affiliates are full service financial institutions
engaged in various activities, which may include securities trading, commercial and investment banking, financial advisory, investment management, investment research, principal investment, hedging, financing and brokerage activities. Certain of the
underwriters and their respective affiliates have, from time to time, performed, and may in the future perform, various financial advisory and investment banking services for us, for which they received or will receive customary fees and expenses.
In addition, in the ordinary course of their various business activities, the underwriters and their respective affiliates may make or hold a broad array
of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own account and for the accounts of their customers and may at any time hold long and short
positions in such securities and instruments. Such investment and securities activities may involve our securities and instruments. The underwriters and their respective affiliates may also make investment recommendations or publish or express
independent research views in respect of such securities or instruments and may at any time hold, or recommend to clients that they acquire, long or short positions in such securities and instruments.
Selling Restrictions
European Economic Area
In relation to each Member State of the European Economic Area which has implemented the Prospectus Directive (each, a
Relevant Member State) an offer to the public of any ordinary shares stock may not be made in that Relevant Member State, except that an offer to the public in that Relevant Member State of any ordinary shares may be made at any time
under the following exemptions under the Prospectus Directive, if they have been implemented in that Relevant Member State:
(a)
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to any legal entity which is a qualified investor as defined in the Prospectus Directive;
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(b)
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to fewer than 100 or, if the Relevant Member State has implemented the relevant provision of the 2010 PD Amending Directive, 150, natural or legal persons (other than qualified investors as defined in the Prospectus
Directive), as permitted under the Prospectus Directive, subject to obtaining the prior consent of the underwriters for any such offer; or
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(c)
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in any other circumstances falling within Article 3(2) of the Prospectus Directive, provided that no such offer of ordinary shares shall result in a requirement for the publication by us or any underwriter of a
prospectus pursuant to Article 3 of the Prospectus Directive.
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S-28
For the purposes of this provision, the expression an offer to the public in relation to any ordinary
shares in any Relevant Member State means the communication in any form and by any means of sufficient information on the terms of the offer and any ordinary shares to be offered so as to enable an investor to decide to purchase any ordinary shares,
as the same may be varied in that Member State by any measure implementing the Prospectus Directive in that Member State, the expression Prospectus Directive means Directive 2003/71/EC (and amendments thereto, including the 2010 PD
Amending Directive, to the extent implemented in the Relevant Member State), and includes any relevant implementing measure in the Relevant Member State, and the expression 2010 PD Amending Directive means Directive 2010/73/EU.
United Kingdom
Each underwriter
has represented and agreed that:
(a)
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it has only communicated or caused to be communicated and will only communicate or cause to be communicated an invitation or inducement to engage in investment activity (within the meaning of Section 21 of the
Financial Services and Markets Act 2000 (FSMA) received by it in connection with the issue or sale of the ordinary shares in circumstances in which Section 21(1) of the FSMA does not apply to us; and
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(b)
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it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to the ordinary shares in, from or otherwise involving the United Kingdom.
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Japan
No registration pursuant to Article 4,
paragraph 1 of the Financial Instruments and Exchange Law of Japan (Law No. 25 of 1948, as amended) (the FIEL) has been made or will be made with respect to the solicitation of the application for the acquisition of the ordinary
shares.
Accordingly, the ordinary shares have not been, directly or indirectly, offered or sold and will not be, directly or indirectly, offered or sold
in Japan or to, or for the benefit of, any resident of Japan (which term as used herein means any person resident in Japan, including any corporation or other entity organized under the laws of Japan) or to others for
re-offering
or
re-sale,
directly or indirectly, in Japan or to, or for the benefit of, any resident of Japan except pursuant to an exemption from the registration
requirements, and otherwise in compliance with, the FIEL and the other applicable laws and regulations of Japan.
For Qualified Institutional Investors
(QII)
Please note that the solicitation for newly-issued or secondary securities (each as described in Paragraph 2, Article 4 of the FIEL)
in relation to the ordinary shares constitutes either a QII only private placement or a QII only secondary distribution (each as described in Paragraph 1, Article
23-13
of the FIEL).
Disclosure regarding any such solicitation, as is otherwise prescribed in Paragraph 1, Article 4 of the FIEL, has not been made in relation to the ordinary shares. The ordinary shares may only be transferred to QIIs.
For
Non-QII
Investors
Please note that the solicitation for newly-issued or secondary securities (each as described in Paragraph 2, Article 4 of the FIEL) in relation to the
ordinary shares constitutes either a small number private placement or a small number private secondary distribution (each as is described in Paragraph 4, Article
23-13
of the FIEL).
Disclosure regarding any such solicitation, as is otherwise prescribed in Paragraph 1, Article 4 of the FIEL, has not been made in relation to the ordinary shares. The ordinary shares may only be transferred en bloc without subdivision to a
single investor.
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Notice to Prospective Investors in Switzerland
The shares may not be publicly offered in Switzerland and will not be listed on the SIX Swiss Exchange (SIX) or on any other stock exchange or
regulated trading facility in Switzerland. This document has been prepared without regard to the disclosure standards for issuance prospectuses under art. 652a or art. 1156 of the Swiss Code of Obligations or the disclosure standards for
listing prospectuses under art. 27 ff. of the SIX Listing Rules or the listing rules of any other stock exchange or regulated trading facility in Switzerland. Neither this document nor any other offering or marketing material relating to
the shares or the offering may be publicly distributed or otherwise made publicly available in Switzerland.
Neither this document nor any other offering
or marketing material relating to the offering, the Company, the shares have been or will be filed with or approved by any Swiss regulatory authority. In particular, this document will not be filed with, and the offer of shares will not be
supervised by, the Swiss Financial Market Supervisory Authority FINMA (FINMA), and the offer of shares has not been and will not be authorized under the Swiss Federal Act on Collective Investment Schemes (CISA). The investor protection
afforded to acquirers of interests in collective investment schemes under the CISA does not extend to acquirers of shares.
Notice to Prospective
Investors in the Dubai International Financial Centre
This prospectus supplement relates to an Exempt Offer in accordance with the Offered
Securities Rules of the Dubai Financial Services Authority (DFSA). This prospectus supplement is intended for distribution only to persons of a type specified in the Offered Securities Rules of the DFSA. It must not be delivered to, or
relied on by, any other person. The DFSA has no responsibility for reviewing or verifying any documents in connection with Exempt Offers. The DFSA has not approved this prospectus supplement nor taken steps to verify the information set forth herein
and has no responsibility for the prospectus supplement. The shares to which this prospectus supplement relates may be illiquid and/or subject to restrictions on their resale. Prospective purchasers of the shares offered should conduct their own due
diligence on the shares. If you do not understand the contents of this prospectus supplement you should consult an authorized financial advisor.
Notice to Prospective Investors in Australia
No
placement document, prospectus, product disclosure statement or other disclosure document has been lodged with the Australian Securities and Investments Commission (ASIC), in relation to the offering. This prospectus does not constitute
a prospectus, product disclosure statement or other disclosure document under the Corporations Act 2001 (the Corporations Act), and does not purport to include the information required for a prospectus, product disclosure statement or
other disclosure document under the Corporations Act.
Any offer in Australia of the ordinary shares may only be made to persons (the Exempt
Investors) who are sophisticated investors (within the meaning of section 708(8) of the Corporations Act), professional investors (within the meaning of section 708(11) of the Corporations Act) or otherwise pursuant to
one or more exemptions contained in section 708 of the Corporations Act so that it is lawful to offer the ordinary shares without disclosure to investors under Chapter 6D of the Corporations Act.
The ordinary shares applied for by Exempt Investors in Australia must not be offered for sale in Australia in the period of 12 months after the date of
allotment under the offering, except in circumstances where disclosure to investors under Chapter 6D of the Corporations Act would not be required pursuant to an exemption under section 708 of the Corporations Act or otherwise or where the offer is
pursuant to a disclosure document which complies with Chapter 6D of the Corporations Act. Any person acquiring ordinary shares must observe such Australian
on-sale
restrictions.
This prospectus contains general information only and does not take account of the investment objectives, financial situation or particular needs of any
particular person. It does not contain any securities
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recommendations or financial product advice. Before making an investment decision, investors need to consider whether the information in this prospectus is appropriate to their needs, objectives
and circumstances, and, if necessary, seek expert advice on those matters.
Notice to Prospective Investors in Hong Kong
The ordinary shares have not been offered or sold and will not be offered or sold in Hong Kong, by means of any document, other than (a) to
professional investors as defined in the Securities and Futures Ordinance (Cap. 571) of Hong Kong and any rules made under that Ordinance; or (b) in other circumstances which do not result in the document being a
prospectus as defined in the Companies Ordinance (Cap. 32) of Hong Kong or which do not constitute an offer to the public within the meaning of that Ordinance. No advertisement, invitation or document relating to the ordinary shares has
been or may be issued or has been or may be in the possession of any person for the purposes of issue, whether in Hong Kong or elsewhere, which is directed at, or the contents of which are likely to be accessed or read by, the public of Hong Kong
(except if permitted to do so under the securities laws of Hong Kong) other than with respect to ordinary shares which are or are intended to be disposed of only to persons outside Hong Kong or only to professional investors as defined
in the Securities and Futures Ordinance and any rules made under that Ordinance.
Notice to Prospective Investors in Canada
The ordinary shares may be sold only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National
Instrument
45-106
Prospectus Exemptions or subsection 73.3(1) of the Securities Act (Ontario), and are permitted clients, as defined in National Instrument
31-103
Registration Requirements, Exemptions and Ongoing Registrant Obligations. Any resale of the ordinary shares must be made in accordance with an exemption from, or in a transaction not subject to, the prospectus requirements of applicable securities
laws.
Securities legislation in certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if this
prospectus (including any amendment thereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchasers
province or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchasers province or territory for particulars of these rights or consult with a legal advisor.
Pursuant to section 3A.3 (or, in the case of securities issued or guaranteed by the government of a
non-
Canadian
jurisdiction, section 3A.4) of National Instrument
33-105
Underwriting Conflicts (NI
33-105),
the underwriters are not required to comply with the disclosure
requirements of NI
33-105
regarding underwriter conflicts of interest in connection with this offering.
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LEGAL MATTERS
Certain legal matters in connection with the offering will be passed upon for us by Greenberg Traurig, LLP, as to matters of United States Federal and New
York law, and by Carey Olsen, as to matters of British Virgin Islands law. Certain legal matters in connection with the offering will be passed upon for the underwriters by Latham & Watkins LLP, New York, New York. Certain legal matters in
connection with the offering will be passed upon for the selling shareholders by Sullivan & Cromwell LLP, New York, New York.
EXPERTS PREDECESSOR AND SUCCESSOR
The financial statements and managements assessment of the effectiveness of internal
control over financial reporting (which is included in Managements Report on Internal Control over Financial Reporting) of Nomad Foods Limited incorporated in this prospectus supplement and the accompanying prospectus by referenced to the
Annual Report on Form 20-F for the year ended December 31, 2016, have been so incorporated in reliance on the report of PricewaterhouseCoopers LLP, an independent registered public accounting firm, given on the authority of said firm as experts in
auditing and accounting.
The financial statements of Nomad Foods Europe Holdings Limited (previously known as Iglo Foods Holdings Limited) incorporated
in this prospectus supplement and the accompanying prospectus by referenced to the Annual Report on Form
20-F
for the year ended December 31, 2016 have been so incorporated in reliance on the report of
PricewaterhouseCoopers LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.
The current address of PricewaterhouseCoopers LLP is 1 Embankment Place, London, United Kingdom WC2N 6RH.
INCORPORATION BY REFERENCE
The rules of the SEC allow us to incorporate by reference information into this prospectus supplement. By incorporating by reference, we can
disclose important information to you by referring you to another document we have filed separately with the SEC. The information incorporated by reference is considered to be part of this prospectus supplement and the accompanying prospectus and
information that we file in the future with the SEC will automatically update and supersede, as appropriate, this information. We incorporate by reference the documents listed below and all documents that we file with the SEC under Sections 13(a),
13(c), 14 or 15(d) of the Exchange Act after the date of this prospectus supplement, from their respective filing dates, and prior to the termination of this offering:
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our Annual Report on Form
20-F
for the fiscal year ended December 31, 2016 filed with the SEC on March 30, 2017;
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our reports on Form
6-K
furnished to the SEC on May 3, 2017, May 17, 2017, May 25, 2017, June 7, 2017, June 12, 2017, June 19, 2017 and August 24,
2017 (2 filings), but solely to the extent of those items contained there that are specifically incorporated by reference into this registration statement as stated in such Form
6-K;
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the description of our shares contained in the Registration Statements under the heading Description of Share Capital and as incorporated into our registration statement on Form
8-A12B
filed with the SEC on December 28, 2015; and
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with respect to the offering of the shares under this prospectus, (i) all subsequent annual reports on Form
20-F,
Form
40-F,
or Form
10-K,
(ii) all subsequent filings on Forms
10-Q
and
8-K
filed and (iii ) any report on Form
6-K
that so indicates it is being incorporated by reference into this registration statement, in each case, that we file with the SEC on or after the date on which this registration statement is first filed
with the SEC and until the termination or completion of that offering under this prospectus.
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Notwithstanding the foregoing, we are not incorporating by reference any documents or other information that is
deemed to have been furnished to and not filed with the SEC.
Any statement contained in a document incorporated by reference in
this prospectus supplement shall be deemed to be modified or superseded for purposes of this prospectus supplement to the extent that a statement contained herein or in any other subsequently filed document that also is incorporated by reference in
this prospectus supplement modifies or supersedes such statement. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this prospectus supplement.
Our Annual Report on Form
20-F
for the fiscal year ended December 31, 2016 filed on March 30, 2017 contains
a description of our business and audited consolidated financial statements with a report by our independent registered public accounting firm. These financial statements are prepared in accordance with IFRS.
Copies of all documents incorporated by reference in this prospectus, other than exhibits to those documents unless such exhibits are specifically
incorporated by reference in this prospectus, will be provided at no cost to each person, including any beneficial owner, who receives a copy of this prospectus on the written or oral request of that person made to:
Nomad Foods Limited
No. 1 New Square
Bedfont Lakes Business Park
Feltham, Middlesex TW14 8HA
Attn: General Counsel
+(44) 208 918 3200
You should rely only
on the information incorporated by reference or provided in this prospectus supplement. Neither we, the selling shareholders, nor the underwriters have authorized anyone else to provide you with different information.
WHERE YOU CAN FIND MORE INFORMATION
We have filed with the SEC a registration statement on Form F-3 under the Securities Act with respect to the ordinary shares offered under this prospectus
supplement and the accompanying prospectus. For the purposes of this section, the term registration statement means the original registration statement and any and all amendments including the schedules and exhibits to the original registration
statement or any amendment. This prospectus does not contain all of the information included in the registration statement we filed. For further information regarding us and the ordinary shares, you may desire to review the full registration
statement, including the exhibits. The registration statement, including its exhibits and schedules, may be inspected and copied at the public reference facilities maintained by the SEC at 100 F Street, N.E., Room 1580, Washington, D.C. 20549. You
may obtain information on the operation of the public reference room by calling 1-202-551-8090. Copies of such materials are also available by mail from the Public Reference Branch of the SEC at 100 F Street, N.E., Washington, D.C. 20549 at
prescribed rates. In addition, the SEC maintains a website (
http://www.sec.gov
) from which interested persons can electronically access the registration statement, including the exhibits and schedules to the registration statement.
We are subject to the reporting requirements of the Securities Exchange Act of 1934, as amended (the Exchange Act) that are applicable to a
foreign private issuer. In accordance with the Exchange Act, we file reports with the SEC, including annual reports on Form
20-F.
We also furnish to the SEC under cover of Form
6-K
material information required to be made public in the British Virgin Islands, filed with and made public by any stock exchange or automated quotation system or distributed by us to our shareholders. As a
foreign private issuer, we are exempt from the rules under the Exchange Act prescribing the furnishing and content of proxy statements to shareholders. In addition, our officers, directors and principal shareholders are exempt from the
short-swing profits reporting and liability provisions contained in Section 16 of the Exchange Act and related Exchange Act rules.
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PROSPECTUS
107,600,664 Ordinary Shares
1,500,000 Preferred Shares
This prospectus relates to the resale of up to 107,600,664 of our ordinary shares (Ordinary Shares) and 1,500,000 of our preferred shares
(Founder Preferred Shares and together with the Ordinary Shares, the Shares), which may be offered for sale from time to time by the selling shareholders named in this prospectus, of which:
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102,480,154 Ordinary Shares were issued by us to certain of the selling shareholders in public and private offerings and in connection with our acquisition of Iglo Foods Holdings Limited (the Iglo
Acquisition) and Findus Sverige AB (the Findus Acquisition);
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3,620,510 Ordinary Shares were issued by us to certain of the selling shareholders on January 12, 2016 in settlement of the annual dividend amount payable to our founder entities pursuant to the terms of the
Founder Preferred Shares;
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1,500,000 Ordinary Shares are issuable by us upon conversion of the Founder Preferred Shares by our founder entities pursuant to the terms of the Founder Preferred Shares; and
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1,500,000 Founder Preferred Shares were issued by us to certain of the selling shareholders in connection with our initial public offering.
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The selling shareholders may from time to time sell, transfer or otherwise dispose of any or all of their Shares in a number of different ways and at varying
prices. See Plan of Distribution beginning on page 13 of this prospectus for more information.
Our Ordinary Shares are currently traded on
the New York Stock Exchange (the NYSE) under the symbol NOMD. On May 1, 2017, the closing price for our Ordinary Shares on the NYSE was $11.60 per ordinary share. There is no public market for our Founder Preferred Shares and
the Founder Preferred Shares will not be listed for trading on any exchange.
We may amend or supplement this prospectus from time to time by filing
amendments or supplements as required.
Investing in our securities involves risks. See
Risk Factors
beginning
on page 1 of this prospectus.
Neither the Securities and Exchange Commission (the SEC) nor any state securities commission has
approved or disapproved of these securities or passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.
Prospectus
dated May 2, 2017
TABLE OF CONTENTS
ABOUT THIS PROSPECTUS
This prospectus is part of a registration statement that we filed with the Securities and Exchange Commission, or SEC, using a shelf registration
process. Under this shelf registration process, the selling shareholders may from time to time sell up to 107,600,664 Ordinary Shares and 1,500,000 Founder Preferred Shares in one or more offerings. This prospectus provides you with a general
description of the securities that our selling shareholders may offer. Specific information about the offering may also be included in a prospectus supplement, which may update or change information included in this prospectus. You should read both
this prospectus and any prospectus supplement together with additional information described under the heading Where You Can Find More Information.
You should rely only on the information contained in this prospectus, any amendment or supplement to this prospectus or any free writing prospectus prepared
by or on our behalf. Neither we, nor the selling shareholders, have authorized any other person to provide you with different or additional information. Neither we, nor the selling shareholders, take responsibility for, nor can we provide assurance
as to the reliability of, any other information that others may provide. The selling shareholders are not making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted. The information contained in this
prospectus is accurate only as of the date of this prospectus or such other date stated in this prospectus, and our business, financial condition, results of operations and/or prospects may have changed since those dates.
Except as otherwise set forth in this prospectus, neither we nor the selling shareholders have taken any action to permit a public offering of these
securities outside the United States or to permit the possession or distribution of this prospectus outside the United States. Persons outside the United States who come into possession of this prospectus must inform themselves about and observe any
restrictions relating to the offering of these securities and the distribution of this prospectus outside the United States.
i
WHERE YOU CAN FIND MORE INFORMATION
We have filed with the SEC a registration statement on Form
F-3
under the Securities Act of 1933, as amended (the
Securities Act) with respect to the Shares offered under this prospectus. For the purposes of this section, the term registration statement means the original registration statement and any and all amendments including the schedules and
exhibits to the original registration statement or any amendment. This prospectus does not contain all of the information included in the registration statement we filed. For further information regarding us and the Shares offered in this
prospectus, you may desire to review the full registration statement, including the exhibits. The registration statement, including its exhibits and schedules, may be inspected and copied at the public reference facilities maintained by the SEC at
100 F Street, N.E., Room 1580, Washington, D.C. 20549. You may obtain information on the operation of the public reference room by calling
1-202-551-8090.
Copies of such materials are also available by mail from the Public Reference Branch of the SEC at 100 F Street,
N.E., Washington, D.C. 20549 at prescribed rates. In addition, the SEC maintains a website (
http://www.sec.gov
) from which interested persons can electronically access the registration statement, including the exhibits and schedules to the
registration statement.
We are subject to the reporting requirements of the Securities Exchange Act of 1934, as amended (the Exchange Act)
that are applicable to a foreign private issuer. In accordance with the Exchange Act, we file reports with the SEC, including annual reports on Form
20-F.
We also furnish to the SEC under cover of Form
6-K
material information required to be made public in the British Virgin Islands, filed with and made public by any stock exchange or automated quotation system or distributed by us to our shareholders. As a
foreign private issuer, we are exempt from the rules under the Exchange Act prescribing the furnishing and content of proxy statements to shareholders. In addition, our officers, directors and principal shareholders are exempt from the
short-swing profits reporting and liability provisions contained in Section 16 of the Exchange Act and related Exchange Act rules.
INCORPORATION OF CERTAIN INFORMATION BY REFERENCE
We incorporate by reference the documents listed below:
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our Annual Report on Form
20-F
for the fiscal year ended December 31, 2016 filed with the SEC on March 30, 2017;
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the consolidated carve out financial statements of Findus Sverige AB as of and for the years ended September 30, 2015, September 30, 2014 and September 30, 2013 contained in Registration Statement on Form F-1
(333-209572);
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the description of our Shares contained in the Registration Statements under the heading Description of Share Capital and as incorporated into our registration statement on Form
8-A12B
filed with the SEC on December 28, 2015; and
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with respect to each offering of the Shares under this prospectus, (i) all subsequent annual reports on Form
20-F,
Form 40-F,
or
Form
10-K,
(ii) all subsequent filings on Forms
10-Q
and
8-K
filed and (iii) any report on Form
6-K
that so indicates it is being incorporated by reference into this registration statement, in each case, that we file with the SEC on or after the date on which this registration statement is first filed with the
SEC and until the termination or completion of that offering under this prospectus.
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Our Annual Report on Form
20-F
for the fiscal year ended December 31, 2016 filed on March 30, 2017 contains a description of our business and audited consolidated financial statements with a report by our independent registered
public accounting firm. These financial statements are prepared in accordance with IFRS.
ii
Unless expressly incorporated by reference, nothing in this prospectus shall be deemed to incorporate by
reference information furnished to, but not filed with, the SEC. Copies of all documents incorporated by reference in this prospectus, other than exhibits to those documents unless such exhibits are specifically incorporated by reference in this
prospectus, will be provided at no cost to each person, including any beneficial owner, who receives a copy of this prospectus on the written or oral request of that person made to:
Nomad Foods Limited
No. 5 New Square
Bedfont Lakes Business Park
Feltham, Middlesex TW14 8HA
Attn: General Counsel
+(44) 208 918 3200
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PROSPECTUS SUMMARY
Nomad Foods Limited
We are the leading
branded frozen food producer in Western Europe in terms of net sales value. We have leading market share in the fish, vegetables, meals and poultry industry market segments in our key markets (the United Kingdom, Italy, Germany, Sweden, France and
Norway) and in several other markets across Europe, including Austria, Belgium, Spain, The Netherlands, Finland, Greece, Hungary, Ireland, Portugal, Switzerland and Denmark. Furthermore, this results in us holding the number one market share by
retail value in Western Europe for those market segments.
Our brands are household names with long histories and local heritage in their respective
markets. We have an efficient and centralized supply chain which is closely aligned with our geographic footprint, allowing us to optimize our supply arrangements and reduce distribution costs. We operate ten manufacturing plants, one in the United
Kingdom, two in Germany, two in Norway, two in Sweden, one in Italy, one in France and one in Spain. We manufacture most of our products but outsource certain manufacturing processes, such as the processing of certain vegetables as well as most
complete meal products. In addition, our distribution function is largely outsourced.
Our Birds Eye brand is marketed in the United Kingdom and Ireland,
Findus is marketed in Italy, France, Spain and Scandinavia and Iglo is marketed in Germany and other continental European countries. Under these brands we manufacture and market frozen food products such as fish, vegetables, poultry and ready meals.
Pursuant to our focus on our core Must Win Battles, we will advertise these brands, leveraging our local iconic brand assets.
Our principal
executive offices are located at No. 5 New Square, Bedfont Lakes Business Park, Feltham, Middlesex TW14 8HA. Our telephone number is +(44) 208 918 3200.
RISK FACTORS
Any investment in the Shares is speculative and involves a high degree of risk. Before making an investment decision, you should carefully consider the risks
described under Risk Factors in our most recent Annual Report on Form
20-F,
or any updates in our reports on Form
6-K,
together with all of the other
information appearing in, or incorporated by reference into, this prospectus and any applicable prospectus supplement. The risks so described are not the only risks facing our company. Additional risks not presently known to us or that we currently
deem immaterial may also impair our business operations. Our business, financial condition and results of operations could be materially adversely affected by any of these risks. The trading price of our securities could decline due to any of these
risks, and you may lose all or part of your investment.
NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements in this prospectus and the documents incorporated or deemed to be incorporated by reference herein may constitute forward-looking
statements that do not directly or exclusively relate to historical facts. You should not place undue reliance on such statements because they are subject to numerous uncertainties and factors relating to our operations and business environment, all
of which are difficult to predict and many of which are beyond our control. Forward-looking statements include information concerning our possible or assumed future results of operations, including descriptions of our business strategy. These
statements often
1
include words such as may, will, should, believe, expect, anticipate, intend, plan,
estimate or similar expressions. Forward-looking statements included in this annual report include statements regarding:
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our intent to profitably grow our business through our strategic initiatives;
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our intent to seek additional acquisition opportunities in food products and our expectation regarding competition for acquisitions;
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our beliefs regarding our competitive strengths and ability to successfully compete in the markets in which we participate;
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our expectations concerning consumer demand for our products, our future growth opportunities, market share and sales channels;
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our future operating and financial performance;
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the anticipated benefits of the Iglo Acquisition and Findus Acquisition;
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our intent to settle any Founder Preferred Shares Annual Dividend Amount with equity;
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our belief that we have sufficient spare capacity to accommodate future growth in our main product categories and to accommodate the seasonal nature of some of our products;
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our intent to rely on some of the available foreign private issuer exemptions to the New York Stock Exchange (the NYSE) corporate governance rules;
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the accuracy of our estimates and key judgments regarding certain tax matters and accounting valuations; and
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our belief regarding our ability to comply with environmental, health and other applicable regulatory matters.
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The forward-looking statements contained in this prospectus and the documents incorporated or deemed to be incorporated by reference herein are based on
assumptions that we have made in light of our managements experience in the industry as well as our perceptions of historical trends, current conditions, expected future developments and other factors that we believe are appropriate under the
circumstances. As you read and consider this prospectus, you should understand that these statements are not guarantees of performance or results. They involve known and unknown risks, uncertainties and assumptions. Although we believe that these
forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect our actual financial results or results of operations and could cause actual results to differ materially from those in these
forward-looking statements. These factors include but are not limited to:
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the anticipated benefits from the Iglo Acquisition and Findus Acquisition may take longer to realize and may cost more to achieve than expected;
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the loss of any of our executive officers or members of our senior management team or other key employees;
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the loss of any of our major customers or a decrease in demand for our products;
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our ability to effectively compete in our markets;
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changes in consumer preferences and our failure to anticipate and respond to such changes or to successfully develop and renovate products;
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our ability to protect our brand names and trademarks;
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economic conditions that may affect our future performance including exchange rate fluctuations;
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fluctuations in the availability of food ingredients and packaging materials that we use in our products;
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disruptions in our information technology systems, supply network, manufacturing and distribution facilities or our workforce or the workforce of our suppliers;
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increases in operating costs, including labor costs, and our ability to manage our cost structure;
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the incurrence of liabilities not covered by our insurance;
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the loss of our foreign private issuer status;
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the effects of reputational damage from unsafe or poor quality food products, particularly if such issues involve products we manufactured or distributed;
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our failure to comply with, and liabilities related to, environmental, health and safety laws and regulations; and
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changes in applicable laws or regulations.
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You should not place undue reliance on our forward-looking
statements because the matters they describe are subject to certain risks, uncertainties and assumptions that are difficult to predict. Our forward-looking statements are based on the information currently available to us and speak only as of the
date on the cover of this prospectus, the date of any prospectus supplement, or, in the case of forward-looking statements incorporated by reference, the date of the filing that includes the statement. Over time, our actual results, performance or
achievements may differ from those expressed or implied by our forward-looking statements, and such difference might be significant and materially adverse to our security holders. We undertake no obligation to update publicly any forward-looking
statements, whether as a result of new information, future events or otherwise.
We have identified some of the important factors that could cause future
events to differ from our current expectations and they are described in this prospectus and supplements to this prospectus under the caption Risk Factors, as well as in our most recent Annual Report on Form
20-F,
and in other documents that we may file with the SEC, all of which you should review carefully. Please consider our forward-looking statements in light of those risks as you read this prospectus and any
prospectus supplement.
3
PRICE RANGE OF OUR ORDINARY SHARES
Our Ordinary Shares are currently listed for trading on the NYSE under the symbol NOMD. Our Ordinary Shares began trading on the London Stock
Exchange (the LSE) on April 15, 2014 and were traded on the LSE until April 20, 2015 when trading was halted through June 22, 2015 due to the announcement of the then-pending Iglo Acquisition. On January 12, 2016,
Nomad Foods Limited (the Company) transferred its listing from the LSE to the NYSE. The following table sets forth the high and low reported sale prices of our ordinary shares as reported on the LSE and NYSE for the periods indicated:
|
|
|
|
|
|
|
|
|
|
|
High
|
|
|
Low
|
|
Annual
|
|
|
|
|
|
|
|
|
2016 (January 5, 2016 December 31, 2016)
|
|
$
|
13.40
|
|
|
$
|
6.40
|
|
2015 (April 1, 2015 December 31, 2015) (2)
|
|
$
|
23.11
|
|
|
$
|
10.28
|
|
2014 (April 15, 2014-March 31, 2015)
|
|
$
|
11.75
|
|
|
$
|
9.75
|
|
|
|
|
Quarterly
|
|
|
|
|
|
|
|
|
2016
|
|
|
|
|
|
|
|
|
Fourth Quarter (October 1, 2016 December 31, 2016)
|
|
$
|
12.97
|
|
|
$
|
9.00
|
|
Third Quarter (July 1, 2016 September 30, 2016)
|
|
$
|
12.39
|
|
|
$
|
7.95
|
|
Second Quarter (April 1, 2016 June 30, 2016)
|
|
$
|
10.43
|
|
|
$
|
7.85
|
|
First Quarter (January 1, 2016 March 31, 2016) (1)
|
|
$
|
13.40
|
|
|
$
|
6.40
|
|
|
|
|
2015
|
|
|
|
|
|
|
|
|
Third Quarter (October 1, 2015 December 31, 2015)
|
|
$
|
17.40
|
|
|
$
|
11.00
|
|
Second Quarter (July 1, 2015 September 30, 2015)
|
|
$
|
23.11
|
|
|
$
|
15.50
|
|
First Quarter (April 1, 2015 June 30, 2015) (2)
|
|
$
|
22.10
|
|
|
$
|
10.28
|
|
|
|
|
Most Recent Six Months
|
|
|
|
|
|
|
|
|
2017
|
|
|
|
|
|
|
|
|
May (through May 1, 2017)
|
|
$
|
11.85
|
|
|
$
|
11.57
|
|
April
|
|
$
|
11.80
|
|
|
$
|
10.77
|
|
March
|
|
$
|
11.65
|
|
|
$
|
10.40
|
|
February
|
|
$
|
10.95
|
|
|
$
|
10.17
|
|
January
|
|
$
|
10.61
|
|
|
$
|
9.61
|
|
2016
|
|
|
|
|
|
|
|
|
December
|
|
$
|
9.86
|
|
|
$
|
9.00
|
|
November
|
|
$
|
12.44
|
|
|
$
|
9.00
|
|
(1)
|
Issued trading on our Ordinary Shares began on the NYSE on January 5, 2016.
|
(2)
|
Trading in our Ordinary Shares was suspended on the LSE from April 20, 2015 through June 22, 2015 due to the announcement of the then-pending Iglo Acquisition.
|
On May 1, 2017, the closing price of our Ordinary Shares on the NYSE was $11.60. There is no public market for our Founder Preferred Shares and the Founder
Preferred Shares will not be listed for trading on any exchange.
As of March 13, 2017, approximately 144,914,930 Ordinary Shares, representing
approximately 79.6% of our outstanding Ordinary Shares, were held by approximately 3,385 United States record holders and all of our Founder Preferred Shares were held by 2 United States record holders.
4
OFFER STATISTICS AND EXPECTED TIMETABLE
The selling shareholders identified in this prospectus may from time to time sell up to 107,600,664 Ordinary Shares and 1,500,000 Founder Preferred Shares in
one or more offerings pursuant to this prospectus. We have agreed with the selling shareholders to keep the registration statement of which this prospectus is a part effective until such time as all of the Shares covered by this prospectus have been
disposed of pursuant to and in accordance with this registration statement.
CAPITALIZATION AND INDEBTEDNESS
The following table sets forth our capitalization as of December 31, 2016. Because we will not be receiving any proceeds pursuant to the sale of
any Shares by the selling shareholders, our capitalization table is not adjusted to reflect such sales. You should read the following table in conjunction with our financial statements, which are incorporated by reference into this prospectus.
|
|
|
|
|
( in millions)
|
|
As of
December 31,
2016
|
|
Senior debt and other loans
|
|
|
964.2
|
|
Senior Secured Notes due 2020
|
|
|
500 .0
|
|
|
|
|
|
|
Total debt
(1)
|
|
|
1,464.2
|
|
|
|
|
|
|
Equity:
|
|
|
|
|
Capital reserve
|
|
|
1,800.7
|
|
Founder Preferred Shares Dividend reserve
|
|
|
493.4
|
|
Other reserves
|
|
|
93 .4
|
|
Accumulated deficit
|
|
|
(485.0
|
)
|
|
|
|
|
|
Total equity
|
|
|
1,902.5
|
|
|
|
|
|
|
Total capitalization
|
|
|
3,366.7
|
|
|
|
|
|
|
(1)
|
Figures exclude capitalized borrowing costs.
|
USE OF PROCEEDS
We will not receive any proceeds from the sale of any Shares by the selling shareholders.
The selling shareholders will receive all of the net proceeds from the sale of any Shares offered by them under this prospectus. The selling shareholders will
pay any underwriting discounts and commissions and expenses incurred by the selling shareholders for brokerage, accounting, tax, legal services or any other expenses incurred by the selling shareholders in disposing of these Shares. We will bear all
other costs, fees and expenses incurred in effecting the registration of the Shares covered by this prospectus.
DIVIDEND POLICY
We have not declared or paid any dividends on our Ordinary Shares since our inception on April 1, 2014, and have no current plans to pay dividends on our
Ordinary Shares. The declaration and payment of future dividends to holders of our Ordinary Shares will be at the discretion of our board of directors and will depend upon many factors, including our financial condition, earnings, legal
requirements, restrictions in our debt agreements and other factors deemed relevant by our board of directors. In addition, as a holding company, our ability to pay dividends depends on our receipt of cash dividends from our operating subsidiaries,
which may further restrict our ability to pay dividends as a result of the laws of their respective jurisdictions of organization, agreements of our subsidiaries or covenants under future indebtedness that we or they may incur.
5
The Founder Preferred Shares are entitled to receive an annual stock dividend based on the market price of our
Ordinary Shares if such market price exceeds certain trading price minimums and to participate in any dividends declared on the Ordinary Shares.
SELLING SHAREHOLDERS
This prospectus covers the public resale of the Shares owned by the selling shareholders named below. Such selling shareholders may from time to time offer
and sell pursuant to this prospectus any or all of the Shares owned by them. The selling shareholders, however, make no representations that the Shares will be offered for sale. The tables below present information regarding the selling shareholders
and the Shares that each such selling shareholder may offer and sell from time to time under this prospectus.
Generally, the Ordinary Shares being
registered by the selling shareholders represent Ordinary Shares issued (i) in our initial public offering in the United Kingdom in April 2014 to U.S. Persons (the 2014 Offering), (ii) in a private placement that we completed in May
2015, (iii) in a private placement that we completed in July 2015, (iv) in connection with the Iglo Acquisition and the Findus Acquisition or (v) in settlement of the annual dividend amount payable to our founder entities pursuant to the terms
of the Founder Preferred Shares. Ordinary Shares issued to
non-U.S.
Persons in the 2014 Offering and Ordinary Shares purchased by the selling shareholders on the London Stock Exchange are not restricted
securities, are freely tradeable under the Securities Act and do not require registration hereunder.
Unless otherwise indicated, all information with
respect to ownership of our Shares of the selling shareholders has been furnished by or on behalf of the selling shareholders and is as of March 15, 2017. We believe, based on information supplied by the selling shareholders, that except as may
otherwise be indicated in the footnotes to the tables below, the selling shareholders have sole voting and dispositive power with respect to the Shares reported as beneficially owned by them. Because the selling shareholders identified in the tables
may sell some or all of the Shares owned by them which are included in this prospectus, and because, except as set forth herein, there are currently no agreements, arrangements or understandings with respect to the sale of any of the Shares, no
estimate can be given as to the number of Shares available for resale hereby that will be held by the selling shareholders upon termination of this offering. In addition, the selling shareholders may have sold, transferred or otherwise disposed of,
or may sell, transfer or otherwise dispose of, at any time and from time to time, the Shares they hold in transactions exempt from the registration requirements of the Securities Act after the date on which they provided the information set forth on
the table below. We have, therefore, assumed for the purposes of the following table, that the selling shareholders will sell all of the Shares owned beneficially by them that are covered by this prospectus, but will not sell any other Ordinary
Shares that they presently own. However, we are not aware of any agreements, arrangements or understandings with respect to the sale of any of the Shares by any of the selling shareholders.
Beneficial ownership for the purposes of this table is determined in accordance with the rules and regulations of the SEC. These rules generally provide that
a person is the beneficial owner of securities if such person has or shares the power to vote or direct the voting thereof, or to dispose or direct the disposition thereof or has the right to acquire such powers within 60 days.
The following table sets forth:
|
|
|
the name of each selling shareholder holding Ordinary Shares;
|
|
|
|
the number of Ordinary Shares beneficially owned by each selling shareholder prior to the sale of the Ordinary Shares covered by this prospectus;
|
|
|
|
the number of Ordinary Shares that may be offered by each selling shareholder pursuant to this prospectus;
|
|
|
|
the number of Ordinary Shares to be beneficially owned by each selling shareholder following the sale of the Ordinary Shares covered by this prospectus; and
|
6
|
|
|
the percentage of our issued and outstanding Ordinary Shares to be owned by each selling shareholder before and after the sale of the Ordinary Shares covered by this prospectus (based on 182,088,622 Ordinary Shares
issued and outstanding as of March 28, 2017).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Name of Selling Shareholder
|
|
Number of
Shares
Beneficially
Owned
Prior to this
Offering
|
|
|
Percent of
Outstanding
Shares
Beneficially
Owned
Before Sale
of Shares
|
|
|
Number of
Shares
Available
Pursuant to
this
Prospectus
|
|
|
Number of
Shares
Beneficially
Owned
After Sale
of Shares
|
|
|
Percent of
Outstanding
Shares
Beneficially
Owned
After Sale
of Shares
|
|
|
|
|
|
|
|
Alejandro San Miguel
(1)
|
|
|
47,620
|
|
|
|
|
*
|
|
|
47,620
|
|
|
|
|
|
|
|
|
*
|
Alun Cathcart
(2)(3)
|
|
|
47,500
|
|
|
|
|
*
|
|
|
47,500
|
|
|
|
|
|
|
|
|
*
|
Alyeska Master Fund, LP
(4)
|
|
|
588,237
|
|
|
|
|
*
|
|
|
588,237
|
|
|
|
|
|
|
|
|
*
|
Alyeska Master Fund 2, LP
(5)
|
|
|
411,763
|
|
|
|
|
*
|
|
|
411,763
|
|
|
|
|
|
|
|
|
*
|
Amos Weltsch
(1)
|
|
|
22,474
|
|
|
|
|
*
|
|
|
22,474
|
|
|
|
|
|
|
|
|
*
|
Anupkumar Patel
(1)
|
|
|
47,620
|
|
|
|
|
*
|
|
|
47,620
|
|
|
|
|
|
|
|
|
*
|
Benjamin Pass
(1)
|
|
|
66,667
|
|
|
|
|
*
|
|
|
66,667
|
|
|
|
|
|
|
|
|
*
|
Berggruen Holdings North America Ltd.
(6)
|
|
|
3,809,524
|
|
|
|
2.1
|
|
|
|
3,809,524
|
|
|
|
|
|
|
|
|
*
|
Berggruen Investments, Ltd.
(7)
|
|
|
952,381
|
|
|
|
|
*
|
|
|
952,381
|
|
|
|
|
|
|
|
|
*
|
Birds Eye Iglo Limited Partnership Inc
(8)
|
|
|
13,743,094
|
|
|
|
7.5
|
|
|
|
13,743,094
|
|
|
|
|
|
|
|
|
*
|
BlackRock, Inc.
(9)(10)
|
|
|
2,063,408
|
|
|
|
1.1
|
|
|
|
2,063,408
|
|
|
|
|
|
|
|
|
*
|
Corvex Master Fund LP
(11)
|
|
|
17,430,522
|
|
|
|
9.6
|
|
|
|
14,532,687
|
|
|
|
2,897,835
|
|
|
|
1.6
|
|
Guy Yamen
(2)
|
|
|
47,500
|
|
|
|
|
*
|
|
|
47,500
|
|
|
|
|
|
|
|
|
*
|
Ionic Event Driven Master Fund Ltd
(12)
|
|
|
1,510,258
|
|
|
|
|
*
|
|
|
92,910
|
|
|
|
1,417,348
|
|
|
|
|
*
|
JFI-SPAC,
LLC
(13)
|
|
|
30,734
|
|
|
|
|
*
|
|
|
30,734
|
|
|
|
|
|
|
|
|
*
|
Entities Affiliated with Kingdon Capital Management, L.L.C.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kingdon Associates
(14)
|
|
|
534,109
|
|
|
|
|
*
|
|
|
534,109
|
|
|
|
|
|
|
|
|
*
|
Kingdon Family Partnership, L.P.
(14)
|
|
|
104,440
|
|
|
|
|
*
|
|
|
104,440
|
|
|
|
|
|
|
|
|
*
|
M. Kingdon Offshore Master Fund L.P.
(14)
|
|
|
590,201
|
|
|
|
|
*
|
|
|
590,201
|
|
|
|
|
|
|
|
|
*
|
Entities Affiliated with Levin Capital Strategies, LP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Levcap Alternative Fund, LP**
(15)
|
|
|
80,628
|
|
|
|
|
*
|
|
|
80,628
|
|
|
|
|
|
|
|
|
*
|
Neuberger Berman Absolute Return Multi Manager
Fund**
(15)
|
|
|
36,229
|
|
|
|
|
*
|
|
|
36,229
|
|
|
|
|
|
|
|
|
*
|
Neuberger Berman Absolute Return Multi Strategy UCITS Fund**
(15)
|
|
|
9,566
|
|
|
|
|
*
|
|
|
9,566
|
|
|
|
|
|
|
|
|
*
|
Ulysses Offshore Fund, Ltd.
(15)
|
|
|
25,835
|
|
|
|
|
*
|
|
|
25,835
|
|
|
|
|
|
|
|
|
*
|
Ulysses Partners, LP
(15)
|
|
|
112,854
|
|
|
|
|
*
|
|
|
112,854
|
|
|
|
|
|
|
|
|
*
|
Lighthouse Pledgeco S.À R.L
(16)
|
|
|
8,378,380
|
|
|
|
4.6
|
|
|
|
8,378,380
|
|
|
|
|
|
|
|
|
*
|
Lord Myners of Truro CBE
(3)(17)
|
|
|
72,028
|
|
|
|
|
*
|
|
|
63,333
|
|
|
|
|
|
|
|
|
*
|
Mariposa Acquisition II, LLC
(18)
|
|
|
5,691,208
|
|
|
|
3.1
|
|
|
|
5,691,208
|
|
|
|
|
|
|
|
|
*
|
Michael Fascitelli
|
|
|
28,572
|
|
|
|
|
*
|
|
|
28,572
|
|
|
|
|
|
|
|
|
*
|
Olidipoli Sprl
(3)(19)
|
|
|
2,380,953
|
|
|
|
1.3
|
|
|
|
2,380,953
|
|
|
|
|
|
|
|
|
*
|
Pershing Square Funds
(20)
|
|
|
33,333,334
|
|
|
|
18.3
|
|
|
|
33,333,334
|
|
|
|
|
|
|
|
|
*
|
Pope Trading, LLC
(21)
|
|
|
505,677
|
|
|
|
|
*
|
|
|
505,677
|
|
|
|
|
|
|
|
|
|
Entities Affiliated with Putnam Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The International Investment Funds Putnam Global Core Equity Fund**
(22)
|
|
|
29,599
|
|
|
|
|
*
|
|
|
3,807
|
|
|
|
25,792
|
|
|
|
|
*
|
7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Name of Selling Shareholder
|
|
Number of
Shares
Beneficially
Owned
Prior to this
Offering
|
|
|
Percent of
Outstanding
Shares
Beneficially
Owned
Before Sale
of Shares
|
|
|
Number of
Shares
Available
Pursuant to
this
Prospectus
|
|
|
Number of
Shares
Beneficially
Owned
After Sale
of Shares
|
|
|
Percent of
Outstanding
Shares
Beneficially
Owned
After Sale
of Shares
|
|
London Life Global Equity Fund 2.05L**
(22)
|
|
|
150,105
|
|
|
|
|
*
|
|
|
11,808
|
|
|
|
138,297
|
|
|
|
|
*
|
Putnam Asset Allocation Funds Putnam Dynamic Asset Allocation Balanced Fund**
(23)
|
|
|
18,291
|
|
|
|
|
*
|
|
|
1,587
|
|
|
|
16,704
|
|
|
|
|
*
|
Putnam Asset Allocation Funds Putnam Dynamic Asset Allocation Growth Fund**
(23)
|
|
|
22,918
|
|
|
|
|
*
|
|
|
1,945
|
|
|
|
20,973
|
|
|
|
|
*
|
Putnam Global Equity Fund**
(23)
|
|
|
482,479
|
|
|
|
|
*
|
|
|
38,523
|
|
|
|
443,956
|
|
|
|
|
*
|
Putnam International Growth Equity Trust**
(22)
|
|
|
75,058
|
|
|
|
|
*
|
|
|
8,467
|
|
|
|
66,591
|
|
|
|
|
*
|
Putnam Investment Funds Putnam International Growth Fund**
(23)
|
|
|
120,017
|
|
|
|
|
*
|
|
|
15,088
|
|
|
|
104,929
|
|
|
|
|
*
|
Putnam Variable Trust Putnam VT Global Asset Allocation Fund**
(23)
|
|
|
1,031
|
|
|
|
|
*
|
|
|
154
|
|
|
|
811
|
|
|
|
|
*
|
Putnam Variable Trust Putnam VT Global Equity Fund**
(23)
|
|
|
98,850
|
|
|
|
|
*
|
|
|
8,261
|
|
|
|
90,589
|
|
|
|
|
*
|
Putnam Variable Trust Putnam VT International Growth Fund**
(23)
|
|
|
16,485
|
|
|
|
|
*
|
|
|
2,122
|
|
|
|
14,363
|
|
|
|
|
*
|
Seasons Series Trust (Sun America) Asset Allocation: Diversified Growth Portfolio**
(24)
|
|
|
937
|
|
|
|
|
*
|
|
|
126
|
|
|
|
811
|
|
|
|
|
*
|
Samlyn Offshore Master Fund, Ltd
(25)
|
|
|
3,818,208
|
|
|
|
2.1
|
|
|
|
1,947,710
|
|
|
|
1,870,498
|
|
|
|
1.0
|
|
Samlyn Onshore Fund, LP
(25)
|
|
|
1,484,800
|
|
|
|
|
*
|
|
|
967,890
|
|
|
|
516,910
|
|
|
|
|
*
|
Scott Sublett
(1)
|
|
|
19,048
|
|
|
|
|
*
|
|
|
19,048
|
|
|
|
|
|
|
|
|
*
|
Sheffield International Partners Master, Ltd.
(26)
|
|
|
2,610,563
|
|
|
|
1.4
|
|
|
|
150,000
|
|
|
|
2,460,563
|
|
|
|
1.4
|
|
Third Point LLC
(27)
|
|
|
10,650,000
|
|
|
|
5.8
|
|
|
|
10,250,000
|
|
|
|
400,000
|
|
|
|
|
*
|
TOMS Acquisition I LLC
(28) (29)
|
|
|
3,810,255
|
|
|
|
2.1
|
|
|
|
3,810,255
|
|
|
|
|
|
|
|
|
*
|
TOMS Capital Investments LLC
(29)
|
|
|
1,880,953
|
|
|
|
1.0
|
|
|
|
1,880,953
|
|
|
|
|
|
|
|
|
*
|
Entities Affiliated with Twin Capital Management LLC
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twin Master Fund, Ltd.
(30)
|
|
|
93,058
|
|
|
|
|
*
|
|
|
53,211
|
|
|
|
39,847
|
|
|
|
|
*
|
HFR ED Twin Securities Master Trust
(31)
|
|
|
12,669
|
|
|
|
|
*
|
|
|
5,985
|
|
|
|
6,684
|
|
|
|
|
*
|
Lyxor/Twin Offshore Fund Limited
(32)
|
|
|
10,871
|
|
|
|
|
*
|
|
|
8,656
|
|
|
|
2,215
|
|
|
|
|
*
|
P Twin Ltd.
(33)
|
|
|
81,384
|
|
|
|
|
*
|
|
|
35,630
|
|
|
|
45,754
|
|
|
|
|
*
|
*
|
Denotes less than 1% of shares outstanding.
|
**
|
Denotes a selling shareholder that is affiliated with a broker-dealer. The selling shareholder has certified that it purchased the Ordinary Shares in the ordinary course of business and that, at the time of the purchase
of the Ordinary Shares, it had no agreements or understandings, directly or indirectly, with any person to distribute the Ordinary Shares.
|
(1)
|
The address of the selling shareholder is c/o Toms Capital LLC, 450 W. 14th Street, 13th Floor, New York, NY 10014.
|
8
(2)
|
Includes 37,500 Ordinary Shares granted pursuant to a five-year option that expires on June 2, 2020 at a purchase price of $11.50 per share.
|
(3)
|
The address of the selling shareholder is c/o Nomad Foods Limited, No. 5 New Square, Bedfont Lakes Business Park, Feltham, Middlesex TW14 8HA.
|
(4)
|
The selling shareholder is a private fund controlled by its general partner, Alyeska Investment Group, LLC (the General Partner), which has appointed Alyeska Investment Group, L.P. (the Investment
Manager) to act as its investment manager. Anand Parekh, the managing member of the General Partner and the sole member of the Board of Directors of the general partner of the Investment Manager, is the natural person with ultimate voting or
investment control over the Ordinary Shares held by the selling shareholder. The address of the selling shareholder is c/o Alyeska Investment Group, L.P., 77 West Wacker Drive, 7th Floor, Chicago, IL 60601.
|
(5)
|
The selling shareholder is a private fund controlled by its general partner, Alyeska Fund 2 GP, LLC (the General Partner), which has appointed Alyeska Investment Group, L.P. (the Investment
Manager) to act as its investment manager. Anand Parekh, the managing member of the sole member of the General Partner and the sole member of the Board of Directors of the Investment Manager, is the natural person with ultimate voting or
investment control over the Ordinary Shares held by the selling shareholder. The address of the selling shareholder is c/o Alyeska Investment Group, L.P., 77 West Wacker Drive, 7th Floor, Chicago, IL 60601.
|
(6)
|
The selling shareholder is a direct subsidiary of Berggruen Holdings Ltd (BHL). All of the shares of BHL are owned by the Nicolas Berggruen Charitable
Trust. The trustee of the Nicolas Berggruen Charitable Trust is Maitland Trustees Limited, a BVI corporation holding a Class II Trust License issued under the BVI Banks and Trust Companies Act, acting as an institutional trustee in the ordinary
course of business with full control of BHL. The directors of Maitland Trustees Limited are C.C. Bird, A.H. Markham, S.H. McDiarmid, R.A. Quinn, and K.I. Brown. The address of the selling shareholder is c/o Berggruen Holdings Inc., 250 West 55th
Street, Suite 13D, New York, NY 10019.
|
(7)
|
The person with voting or investment control over the Ordinary Shares held by Berggruen Investments Limited (BIL), the selling shareholder, is the director of BIL, namely Solon Director Limited, a Bahamas
corporation with the sole purpose of acting as corporate director. The directors of Solon Director Limited are C.C. Bird and M.E. Solomon. All of the shares of BIL are owned by the NB Trust. The trustee of the NB Trust is Maitland Trustees (IOM)
Limited, an Isle of Man corporation, acting as an institutional trustee in the ordinary course of business with full control of BIL. The directors of Maitland Trustees (IOM) Limited are C.C. Bird, A.H. Markham, S.H. McDiarmid, R.A. Quinn, and K.I.
Brown. The address of the selling shareholder is c/o Berggruen Holdings Inc., 250 West 55th Street, Suite 13D, New York, NY 10019.
|
(8)
|
The selling shareholder, Birds Eye Iglo Limited Partnership Inc (BEILP), acts through its general partner, Liberator GP Limited (Liberator),
which is held or controlled by the Permira Funds (as defined below) as follows: (i) 24.88% held by Permira Europe III L.P.1 (P III 1), whose general partner is Permira Europe III G.P. L.P. (Permira III GP); (ii) 71.80% by
Permira Europe III L.P.2 (P III 2), whose general partner is Permira III GP; (iii) 0.94% by Permira Europe III GmbH & Co K.G. (P III GmBH and, together with P III 1 and P III 2, the Permira Funds), whose
managing partner is Permira III GP. Permira III GP may be deemed to have investment powers and beneficial ownership with respect to Permira Funds interests in Liberator and Liberators interests in BEILP, in each case, by virtue of
Permira III GP being general partner or managing partner, as applicable of both P III 1, P III 2 and P III GmBH and by virtue of
co-investment
arrangements between the entities comprising the Permira Funds,
but disclaims beneficial ownership of such interests.
|
Permira III GP is managed by its general partner, Permira Europe III
G.P. Limited (P III Limited). P III Limited in its capacity as general partner of P III GP and in its capacity as such may be deemed to have investment powers and beneficial ownership of the Permira Funds interests in Liberator and
Liberators interests in BEILP, but disclaims beneficial ownership of such interests. P III Limited is owned by Permira Holdings Limited (Permira Holdings). Due to its ownership of P III Limited, Permira Holdings may be deemed to
have investment powers and beneficial ownership of the Permira Funds interests in Liberator and Liberators interests in BEILP, but disclaims beneficial ownership of such interests.
9
Tom Lister, Kurt Björklund, Benoit Vauchy, Ulrich Gasse, Paul Cutts, Nigel Carey and Vic
Holmes are directors of Permira Holdings, the parent company of P III Limited, and, as such, may be deemed to have beneficial ownership of the Permira Funds interests in Liberator and Liberators interests in BEILP. Each of the directors
disclaims beneficial ownership of such interests. The address of the selling shareholder, acting through its general partner, Liberator, and its managing partner, Liberator Managing Partner Limited, is Trafalgar Court, St Peter Port, Guernsey.
(9)
|
The registered holders of 1,703,589 of the referenced shares are, respectively, BlackRock US Opportunities Fund, BlackRock Global Funds - US Small & MidCap
Opportunities Fund, BlackRock US Opportunities Portfolio, a series of BlackRock Funds, BlackRock Global Opportunities Equity Trust, BlackRock International Growth and Income Trust, BlackRock International Opportunities Portfolio, BlackRock Global
Opportunities Portfolio, BlackRock Global Opportunities V.I. Fund, Global
Multi-cap
Equity Fund B, International
Multi-cap
Equity Fund, BlackRock Global Funds - Global
Opportunities Fund, and BlackRock Global Equity Fund - Higher Performance Portfolio. BlackRock, Inc. is the ultimate parent holding company of the investment adviser entities which manage the aforementioned funds. On behalf of such investment
adviser entities, Ian Jamieson, as a managing director of such entities, has voting and investment power over 1,703,589 of the referenced shares. Ian Jamieson expressly disclaims beneficial ownership of all such shares. The address of the funds, the
investment adviser entities and Ian Jamieson is 55 East 52nd Street, New York, NY 10055.
|
Ordinary Shares being registered
for resale may not incorporate all shares deemed to be beneficially held by BlackRock, Inc.
(10)
|
The registered holders of 359,819 of the referenced shares are, respectively, Global SmallCap Portfolio of Managed Account Series, BlackRock Global SmallCap Fund,
Inc., BlackRock Global Small Cap Fund and BlackRock Global Funds - Global Small Cap Fund. BlackRock, Inc. is the ultimate parent holding company of the investment adviser entities which manage the aforementioned funds. On behalf of such investment
adviser entities, John Coyle (for the avoidance of doubt, not the John Coyle who is our director) and Murali Balaraman, as managing directors of such entities, have voting and investment power over 359,819 of the referenced shares. John Coyle and
Murali Balaraman expressly disclaim beneficial ownership of all such shares. The address of the funds, the investment adviser entities and John Coyle and Murali Balaraman is 1 University Square Drive, Princeton, NJ 08540-6455.
|
Ordinary Shares being registered for resale may not incorporate all shares deemed to be beneficially held by BlackRock, Inc.
(11)
|
Corvex Master Fund LP (the Fund) is a Cayman Islands limited partnership, the general partner of which is controlled by Keith Meister. Corvex Management
LP, a Delaware limited partnership (Corvex Management) whose general partner is controlled by Mr. Meister, serves as investment adviser to the Fund. Corvex Management and Mr. Meister may be deemed to beneficially own the
Ordinary Shares held by the Fund. The address of the selling shareholder is c/o Corvex Management LP, 667 Madison Avenue, New York, NY 10065.
|
(12)
|
The natural persons with ultimate voting or investment control over the Ordinary Shares held by the selling shareholder are Bart Baum, Adam Radosti and Daniel Stone. Each of Messrs. Baum, Radosti and Stone disclaim
beneficial ownership of the Ordinary Shares held by the selling shareholder except to the extent of their pecuniary interest therein. The address of the selling shareholder is c/o Ionic Capital Management LLC, 475 Fifth Avenue, 9
th
Floor, New York, NY 10017.
|
(13)
|
The natural person with ultimate voting or investment control over the Ordinary Shares held by the selling shareholder is J. Robert Small. The address of the selling shareholder is 152 W. 57
th
Street, 56
th
Floor, New York, NY 10019.
|
(14)
|
Kingdon Capital Management, L.L.C., a Delaware limited liability company (Kingdon Capital
Management), serves as investment manager to the selling shareholder. In such capacity, Kingdon Capital Management may be deemed to have voting and discretionary power over the Ordinary Shares held by the selling shareholder. Mark Kingdon, the
managing member of Kingdon Capital Management, is the natural person with ultimate voting or investment control over the Ordinary Shares held by the selling shareholder.
|
10
|
The address of the selling shareholder is c/o Kingdon Capital Management, LLC, 152 West 57
th
Street, 50
th
Floor, New York, NY 10019.
|
(15)
|
The natural persons with ultimate voting or investment control over the Ordinary Shares held by the selling shareholder are Sam Hendel and John A. Levin. The address of the selling shareholder is c/o Levin Capital
Strategies, LP, 595 Madison Ave, 17th Floor, New York, NY 10022.
|
(16)
|
The natural persons with ultimate voting or investment control over the Ordinary Shares held by the selling shareholder are William John Showalter, as class A manager and Claudia Dinis and Intertrust Management
(Luxembourg) S.à r.l. as class B managers. One class A manager together with one class B manager, have control over the day to day affairs and management of the selling shareholder. The address of the selling shareholder is 6, rue
Eugène Ruppert,
L-2453
Luxembourg.
|
(17)
|
Includes 50,000 Ordinary Shares issuable pursuant to a five-year option that expires on June 2, 2020 at a purchase price of $11.50 per share. Excludes 11,136 Ordinary Shares issuable under currently outstanding
equity awards issued under the Companys Long Term 2015 Incentive Plan, all of which will vest on the earlier of (i) the date of the Companys annual meeting of shareholders in 2017 or (ii) July 16, 2017.
|
(18)
|
Includes (i) 4,941,208 Ordinary Shares and (ii) 750,000 Ordinary Shares underlying Founder Preferred Shares. The natural person with ultimate voting or investment control over the Shares held by the selling shareholder
is Martin E. Franklin. Mr. Franklin disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein. The address of the selling shareholder is 500 South Pointe Drive, Suite 240, Miami Beach, FL 33139.
|
(19)
|
The natural person with ultimate voting or investment control over the Ordinary Shares held by the selling shareholder is Stéfan Descheemaeker.
|
(20)
|
Pershing Square, as the investment adviser to Pershing Square, L.P., a Delaware limited partnership (PSLP), Pershing Square II, L.P., a Delaware limited partnership (PSII), Pershing Square
International, Ltd., a Cayman Islands exempted company (PSINTL), and Pershing Square Holdings, Ltd., a limited liability company incorporated in Guernsey (PSH and together with PSLP, PSII and PSINTL, the Pershing Square
Funds), may be deemed to have the shared power to vote or direct the vote of (and the shared power to dispose or direct the disposition of) the shares held by the Pershing Square Funds. As the general partner of Pershing Square, PS Management
GP, LLC, a Delaware limited liability company (PS Management), may be deemed to have the shared power to vote or direct the vote of (and the shared power to dispose or direct the disposition of) the shares held by the Pershing Square
Funds. By virtue of William A. Ackmans position as the Chief Executive Officer of Pershing Square and managing member of PS Management, William A. Ackman may be deemed to have the shared power to vote or direct the vote of (and the shared
power to dispose or direct the disposition of) the shares held by the Pershing Square Funds. The address of the Pershing Square Funds is c/o Pershing Square Capital Management, L.P., 888 Seventh Avenue, New York, NY 10019.
|
(21)
|
The natural person with ultimate voting or investment control over the Ordinary Shares held by the selling shareholder is Laurence Benedict. The address of the selling shareholder is 7284 West Palmetto Park Road, Boca
Raton, FL 33496.
|
(22)
|
The selling shareholders account is managed, including dispositive and voting power over the Ordinary Shares, by The Putnam Advisory Company, LLC, which through a series of holding companies, is owned by
Great-West Lifeco Inc., a publicly traded company. The natural persons with ultimate voting or investment control over the Ordinary Shares held by the applicable selling shareholder are the portfolio managers as follows: (i) The International
Investment Funds - Putnam Global Core Equity Fund and London Life Global Equity Fund 2.05L: Richard Shepherd Perkins; and (ii) Putnam International Growth Equity Trust: Jeff B. Sacknowitz. The address of the selling shareholder is c/o Putnam
Investments, One Post Office Square, Boston, MA 02109.
|
(23)
|
The selling shareholder is a mutual fund registered with the U.S. Securities and Exchange Commission under the
Investment Company Act of 1940, as amended, whose account is managed, including dispositive power over the Ordinary Shares, by Putnam Investment Management, LLC, which through a series of holding companies, is owned by Great-West Lifeco Inc., a
publicly traded company. The natural persons with ultimate investment control over the Ordinary Shares held by the applicable selling shareholder are the portfolio managers as follows: (i) Putnam Investment Funds - Putnam International Growth
Fund, Putnam
|
11
|
Variable Trust - Putnam VT Global Asset Allocation Fund, Putnam Variable Trust - Putnam VT International Growth Fund, Putnam Asset Allocation Funds - Putnam Dynamic Asset Allocation Balanced
Fund, and Putnam Asset Allocation Funds - Putnam Dynamic Asset Allocation Growth Fund: Jeff B. Sacknowitz; and (ii) Putnam Global Equity Fund and Putnam Variable Trust - Putnam VT Global Equity Fund: Richard Shepherd Perkins. The Board Policy
and Nominating Committee of the board of trustees (consisting of John A. Hill, Kenneth R. Leibler, Robert E. Patterson, George Putnam, III, Paul L. Joskow, and Jameson A. Baxter ) of each selling shareholder has sole voting power over the shares of
each selling shareholder. The address of the selling shareholder is c/o Putnam Investments, One Post Office Square, Boston, MA 02109.
|
(24)
|
The selling shareholder is a mutual fund registered with the U.S. Securities and Exchange Commission under the Investment Company Act of 1940, as amended, whose account is managed, including dispositive power over the
securities, by Putnam Investment Management, LLC, which through a series of holding companies, is owned by Great-West Lifeco Inc., a publicly traded company. The natural person with ultimate investment control over the Ordinary Shares held by the
applicable selling shareholder is the portfolio manager, Jeff B. Sacknowitz. The address of the selling shareholder is c/o Putnam Investments, One Post Office Square, Boston, MA 02109.
|
(25)
|
The names of persons who have voting or investment control over the Ordinary Shares held by the selling shareholder are Samlyn Capital, LLC, and its manager, Robert Pohly. Mr. Pohly disclaims any such beneficial
ownership of the Shares. The address of the selling shareholder is c/o Samlyn Capital, LLC, 500 Park Avenue, 2nd Floor, New York, NY 10022.
|
(26)
|
Sheffield Asset Management, L.L.C. (Sheffield Asset Management) serves as investment manager of the selling shareholder. The natural persons with ultimate voting or investment control over the Ordinary
Shares held by the selling shareholder are Brian J. Feltzin and Craig C. Albert. The address of the selling shareholder is 900 N. Michigan Avenue, Suite 2000, Chicago, IL 60611.
|
(27)
|
Based upon a Schedule 13G/A filed on February 13, 2017 by the selling shareholder. Includes Ordinary Shares that Third Point LLC may be deemed to beneficially own by virtue of its position as investment manager or
adviser to a variety of hedge funds and managed accounts. The natural person with ultimate voting or investment control over the Ordinary Shares held by the selling shareholder is Daniel Loeb. The address of the selling shareholder is 390 Park
Avenue, New York, NY 10022.
|
(28)
|
Includes 750,000 Ordinary Shares underlying Founder Preferred Shares.
|
(29)
|
The natural person with ultimate voting or investment control over the Ordinary Shares held by the selling shareholder is Noam Gottesman. Mr. Gottesman disclaims beneficial ownership of such shares except to the
extent of his pecuniary interest therein. The address of the selling shareholder is c/o Toms Capital LLC, 450 W. 14th Street, 13th Floor, New York, NY 10014.
|
(30)
|
The natural person with ultimate voting or investment control over the Ordinary Shares held by the selling shareholder is David J. Simon. The address of the selling shareholder is c/o Twin Capital Management LLC, 250
West 55th Street, New York, NY 10019.
|
(31)
|
The natural person with ultimate voting or investment control over the Ordinary Shares held by the selling shareholder is John M. Klimek. The address of the selling shareholder is 65 Front Street, Hamilton, HM12,
Bermuda.
|
(32)
|
The natural person with ultimate voting or investment control over the Ordinary Shares held by the selling shareholder is Mr. Daniele Spada. The address of the selling shareholder is A8 Esplanade, St Helier.
|
(33)
|
The natural persons with ultimate voting or investment control over the Ordinary Shares held by the selling shareholder are Dion Thompson, Bernard Kemp, Trinda Blackmore and Andrew Linford. The address of the selling
shareholder is c/o Twin Capital Management, 250 West 55th Street, New York, NY 10019.
|
The following table sets forth:
|
|
|
the name of each selling shareholder holding Founder Preferred Shares;
|
|
|
|
the number of Founder Preferred Shares beneficially owned by each selling shareholder prior to the sale of the Founder Preferred Shares covered by this prospectus;
|
12
|
|
|
the number of Founder Preferred Shares that may be offered by each selling shareholder pursuant to this prospectus;
|
|
|
|
the number of Founder Preferred Shares to be beneficially owned by each selling shareholder following the sale of the Founder Preferred Shares covered by this prospectus; and
|
|
|
|
the percentage of our issued and outstanding Founder Preferred Shares to be owned by each selling shareholder before and after the sale of the Founder Preferred Shares covered by this prospectus (based on 1,500,000
Founder Preferred Shares issued and outstanding as of March 28, 2017).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Name of Selling Shareholder
|
|
Number of
Shares
Beneficially
Owned
Prior to this
Offering
|
|
|
Percent of
Outstanding
Shares
Beneficially
Owned
Before Sale
of Shares
|
|
|
Number of
Shares
Available
Pursuant to
this
Prospectus
|
|
|
Number of
Shares
Beneficially
Owned
After Sale
of Shares
|
|
|
Percent of
Outstanding
Shares
Beneficially
Owned
After Sale
of Shares
|
|
|
|
|
|
|
|
Mariposa Acquisition II, LLC
(1)
|
|
|
750,000
|
|
|
|
50
|
|
|
|
750,000
|
|
|
|
|
|
|
|
|
|
TOMS Acquisition I LLC
(2)
|
|
|
750,000
|
|
|
|
50
|
|
|
|
750,000
|
|
|
|
|
|
|
|
|
|
(1)
|
The natural person with ultimate voting or investment control over the Founder Preferred Shares held by the selling shareholder is Martin E. Franklin. Mr. Franklin disclaims beneficial ownership of such shares
except to the extent of his pecuniary interest therein. The address of the selling shareholder is 500 South Pointe Drive, Suite 240, Miami Beach, FL 33139.
|
(2)
|
The natural person with ultimate voting or investment control over the Founder Preferred Shares held by the selling shareholder is Noam Gottesman. Mr. Gottesman disclaims beneficial ownership of such shares except
to the extent of his pecuniary interest therein. The address of the selling shareholder is c/o Toms Capital LLC, 450 W. 14th Street, 13th Floor, New York, NY 10014.
|
Except for being holders of our securities listed in the tables above, none of the selling shareholders has had any position, office or other material
relationship with us since our inception in April 2014, except for (i) Mariposa Acquisition II, LLC and TOMS Acquisition I LLC and TOMS Capital Investments LLC as described under the heading Related Party Transactions in our most
recent Annual Report on Form
20-F,
(ii) Pershing Square Capital Management L.P., of which our director, Brian Welch is a Partner, (iii) Birds Eye Iglo Limited Partnership Inc., an affiliate of
Permira Advisors LLP, of which our former director John Coyle is a Partner, and (iv) Olidipoli Sprl, a company owned by our CEO and director Stéfan Descheemaeker.
The selling shareholders and intermediaries through whom such securities are sold may be deemed underwriters within the meaning of the Securities
Act with respect to the Shares offered by this prospectus, and any profits realized or commissions received may be deemed underwriting compensation.
Additional selling shareholders not named in this prospectus will not be able to use this prospectus for resales until they are named in the tables above by
prospectus supplement or post-effective amendment. Transferees, successors and donees of identified selling shareholders will not be able to use this prospectus for resales until they are named in the tables above by prospectus supplement or
post-effective amendment. If required, we will add transferees, successors and donees by prospectus supplement in instances where the transferee, successor or donee has acquired its Shares from holders named in this prospectus after the effective
date of this prospectus.
PLAN OF DISTRIBUTION
The selling shareholders, which as used herein includes donees, pledgees, transferees or other
successors-in-interest
selling Shares or interests in Shares received after the date of this prospectus from a selling shareholder as a gift, pledge, partnership
distribution or other transfer, may, from time to time, sell, transfer or otherwise dispose of any or all of the Shares on any stock exchange, market or trading facility on which the
13
Shares are traded or in private transactions. These dispositions may be at fixed prices, at prevailing market prices at the time of sale, at prices related to the prevailing market price, at
varying prices determined at the time of sale, or at negotiated prices.
The selling shareholders may use any one or more of the following methods when
disposing of Shares:
|
|
|
ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;
|
|
|
|
block trades in which the broker-dealer will attempt to sell the Shares as agent, but may position and resell a portion of the block as principal to facilitate the transaction;
|
|
|
|
purchases by a broker-dealer as principal and resale by the broker-dealer for its account;
|
|
|
|
an exchange distribution in accordance with the rules of the applicable exchange;
|
|
|
|
privately negotiated transactions;
|
|
|
|
short sales effected after the date the registration statement of which this prospectus is a part is declared effective by the SEC;
|
|
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|
through the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise;
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broker-dealers may agree with the selling shareholders to sell a specified number of such Shares at a stipulated price per share;
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a combination of any such methods of sale; and
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any other method permitted by applicable law.
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The selling shareholders may, from time to time,
pledge or grant a security interest in some or all of the Shares owned by them and, if they default in the performance of their secured obligations, the pledgees or secured parties may offer and sell the Shares, from time to time, under this
prospectus, or under an amendment to this prospectus under Rule 424(b)(3) or other applicable provision of the Securities Act amending the list of selling shareholders to include the pledgee, transferee or other successors in interest as selling
shareholders under this prospectus. The selling shareholders also may transfer the Shares in other circumstances, in which case the transferees, pledgees or other successors in interest will be the selling beneficial owners for purposes of this
prospectus.
In connection with the sale of their Shares or interests therein, the selling shareholders may enter into hedging transactions
with broker-dealers or other financial institutions, which may in turn engage in short sales of such Shares in the course of hedging the positions they assume. The selling shareholders may also sell Shares short and deliver these securities to close
out their short positions, or loan or pledge the Shares to broker-dealers that in turn may sell these securities. The selling shareholders may also enter into option or other transactions with broker-dealers or other financial institutions or the
creation of one or more derivative securities which require the delivery to such broker-dealer or other financial institution of the Shares offered by this prospectus, which shares such broker-dealer or other financial institution may resell
pursuant to this prospectus (as supplemented or amended to reflect such transaction).
The aggregate proceeds to the selling shareholders
from the sale of the Shares offered by them will be the purchase price of such Shares less discounts or commissions, if any. Each of the selling shareholders reserves the right to accept and, together with their agents from time to time, to reject,
in whole or in part, any proposed purchase of ordinary shares to be made directly or through agents. We will not receive any of the proceeds from the resale of the Shares.
The selling shareholders also may resell all or a portion of their Ordinary Shares in open market transactions in reliance upon Rule 144 under
the Securities Act, provided that they meet the criteria and conform to the requirements of that rule.
14
The selling shareholders and any underwriters, broker-dealers or agents that participate in the
sale of the Shares therein may be underwriters within the meaning of Section 2(11) of the Securities Act. Any discounts, commissions, concessions or profit they earn on any resale of the Ordinary Shares may be underwriting discounts
and commissions under the Securities Act. Selling shareholders who are underwriters within the meaning of Section 2(11) of the Securities Act will be subject to the prospectus delivery requirements of the Securities Act.
To the extent required, the Shares to be sold, the names of the selling shareholders, the respective purchase prices and public offering
prices, the names of any agents, dealer or underwriter, any applicable commissions or discounts with respect to a particular offer will be set forth in an accompanying prospectus supplement or, if appropriate, a post-effective amendment to the
registration statement that includes this prospectus.
In order to comply with the securities laws of some states, if applicable, the
Shares may be sold in these jurisdictions only through registered or licensed brokers or dealers. In addition, in some states the Shares may not be sold unless it has been registered or qualified for sale or an exemption from registration or
qualification requirements is available and is complied with.
We have advised the selling shareholders that the anti-manipulation rules of
Regulation M under the Exchange Act may apply to sales of Shares in the market and to the activities of the selling shareholders and their affiliates. In addition, to the extent applicable, we will make copies of this prospectus (as it may be
supplemented or amended from time to time) available to the selling shareholders for the purpose of satisfying the prospectus delivery requirements of the Securities Act. The selling shareholders may indemnify any broker-dealer that participates in
transactions involving the sale of the Shares against certain liabilities, including liabilities arising under the Securities Act.
We have
agreed to indemnify the selling shareholders against liabilities, including liabilities under the Securities Act and state securities laws, relating to the registration of the Ordinary Shares offered by this prospectus.
EXPENSES
We
estimate the fees and expenses to be incurred by us in connection with the resale of the ordinary shares in this offering, other than underwriting discounts and commissions, to be as follows:
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SEC registration fee
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$
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154,726
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(1)
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Legal fees and expenses
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$
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50,000
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Accounting fees and expenses
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$
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18,750
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Miscellaneous expenses
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$
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20,000
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Total
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$
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243,476
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(1)
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Previously paid in connection with the filing of the Registration Statements.
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All amounts are estimated
except the SEC registration fee.
LEGAL MATTERS
The validity of the Shares offered by this prospectus was passed upon for us by Ogier, Tortola, British Virgin Islands. The Company has been advised on U.S.
securities matters by Greenberg Traurig, P.A.
15
EXPERTSPREDECESSOR AND SUCCESSOR
The financial statements of Nomad Foods Limited as of December 31, 2016 and for the twelve months ended December 31, 2016, at and as of
December 31, 2015 and for the nine months ended December 31, 2015, and the twelve months ended March 31, 2015, and managements assessment of the effectiveness of internal control over financial reporting (which is included in
Managements Annual Report on Internal Control over Financial Reporting) as of December 31, 2016, incorporated in this prospectus by reference to the Annual Report on Form
20-F
for the year ended
December 31, 2016, have been so incorporated in reliance on the report of PricewaterhouseCoopers LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.
The consolidated financial statements of Nomad Foods Europe Holdings Limited (previously known as Iglo Foods Holdings Limited) for the five months ended
May 31, 2015 and for the year ended December 31, 2014, incorporated in this prospectus by reference to the Annual Report on Form
20-F
for the year ended December 31, 2016, have been so
incorporated in reliance on the report of Pricewaterhouse Coopers LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.
EXPERTSFINDUS
The consolidated
carve-out
financial statements for Findus Sverige AB as of and for the year ended September 30,
2015, September 30, 2014 and September 30, 2013, incorporated by reference in this prospectus have been so incorporated in reliance on the report of PricewaterhouseCoopers LLP, independent accountants, given on the authority of said firm
as experts in auditing and accounting.
The current address of PricewaterhouseCoopers LLP is 1 Embankment Place, London, United Kingdom WC2N 6RH.
ENFORCEABILITY OF CIVIL LIABILITIES
We are incorporated and currently existing under the laws of the British Virgin Islands. In addition, certain of our directors and officers reside outside of
the United States and most of the assets of our
non-U.S.
subsidiaries are located outside of the United States. As a result, it may be difficult for investors to effect service of process on us or those
persons in the United States or to enforce in the United States judgments obtained in United States courts against us or those persons based on the civil liability or other provisions of the United States securities laws or other laws.
In addition, uncertainty exists as to whether the courts of the British Virgin Islands would:
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recognize or enforce judgments of United States courts obtained against us or our directors or officers predicated upon the civil liabilities provisions of the securities laws of the United States or any state in the
United States; or
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entertain original actions brought in the British Virgin Islands against us or our directors or officers predicated upon the securities laws of the United States or any state in the United States.
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We have been advised by Ogier, Tortola, British Virgin Islands, that the United States and the British Virgin Islands do not have a treaty providing for
reciprocal recognition and enforcement of judgments of United States courts in civil and commercial matters and that a final judgment for the payment of money rendered by any general or state court in the United States based on civil liability,
whether or not predicated solely upon the United States securities laws, would not be automatically enforceable in the British Virgin Islands. We have also been advised by Ogier that any final and conclusive monetary judgment for a definite sum
obtained against us in
16
United States courts would be treated by the courts of the British Virgin Islands as a cause of action in itself and sued upon as a debt at common law so that no retrial of the issues would be
necessary, provided that:
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the British Virgin Islands courts had jurisdiction over the matter and we either submitted to such jurisdiction or were resident or carrying on business within such jurisdiction and were duly served with process;
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the judgment given by the courts was not in respect of penalties, taxes, fines or similar fiscal or revenue obligations;
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the judgment was not procured by fraud;
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recognition or enforcement of the judgment in the British Virgin Islands would not be contrary to public policy; and
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the proceedings pursuant to which judgment was obtained were not contrary to natural justice.
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Whether these
requirements are met in respect of a judgment based upon the civil liability provisions of the United States securities laws, including whether the award of monetary damages under such laws would constitute a penalty, is an issue for the British
Virgin Islands court making such decision.
17
33,333,334 Ordinary Shares
Prospectus Supplement
Book-Running
Manager
Co-Managers
September 7, 2017
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