Premier Foods plc Completion of Disposal (7361P)
October 29 2012 - 5:55AM
UK Regulatory
TIDMPFD
RNS Number : 7361P
Premier Foods plc
29 October 2012
29 October 2012
Premier Foods plc
("Premier Foods")
Premier Foods Completes Disposal of Sweet Spreads and
Jellies Business to Hain Celestial
Premier Foods is pleased to announce that:
-- all of the pre-completion conditions in respect of the
proposed disposal of its Sweet Spreads and Jellies Business, as set
out in the circular to shareholders dated 28 September 2012, have
been satisfied; and
-- it completed the disposal of Histon Sweet Spreads Limited,
the owner of the Sweet Spreads and Jellies Business, to The Hain
Celestial Group, Inc. ("Hain Celestial") on 27 October 2012.
Premier Foods has received a cash payment of GBP170 million and
will receive shares in Hain Celestial worth at least GBP30 million
(as at completion) to make an aggregate consideration of GBP200
million, on a cash and debt free basis. The consideration is
subject to a customary adjustment for a normalised level of stock
at completion.
Ends
For further information, please contact:
Premier Foods plc
Lisa Attenborough, Director of Communications +44 (0) 1727 815 850
Richard Godden, Head of Investor Relations +44 (0) 1727 815 850
Maitland +44 (0) 20 7379 5151
Tom Buchanan
Brian Hudspith
Notes to editors:
As Britain's largest food producer, Premier Foods is committed
to being 'The Best in British Food' - delivering the taste the
British love, with food that's made in Britain by people who
understand British consumers. We supply a range of retail,
wholesale, foodservice and other customers with some of Britain's
best loved brands, including Ambrosia, Batchelors, Bisto, Hovis,
Loyd Grossman, Mr. Kipling, Oxo and Sharwood's. The company employs
around 10,000 people operating from over 40 sites from Plymouth to
Glasgow.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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