TIDMPFD TIDMIRSH TIDM2897
RNS Number : 1534T
Premier Foods plc
24 March 2016
ANNOUNCEMENT REGARDING NISSIN FOODS HOLDINGS' ACQUISITION OF
SHARES
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR
INDIRECTLY (IN WHOLE OR IN PART), IN, INTO OR FROM ANY JURISDICTION
WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF
THAT JURISDICTION. THIS ANNOUNCEMENT DOES NOT CONSTITUTE A TAKEOVER
OFFER OR AN OFFER OF SECURITIES.
24 March 2016
For immediate release
Premier Foods plc
Nissin Foods Holdings Co., Ltd. agrees to acquire shareholding
in Premier Foods plc
-- Nissin agrees to acquire 17.27 per cent. shareholding in Premier
-- The Board of Premier welcomes Nissin as a long-term shareholder
-- Premier and Nissin seeking to finalise the terms of a
Relationship Agreement, conditional on completion by Nissin of the
acquisition and Premier no longer being in an offer period
The Board of Premier Foods plc ("Premier") notes that Nissin
Food Holdings Co., Ltd. ("Nissin") has unconditionally agreed to
acquire a 17.27 per cent. shareholding in Premier from an existing
shareholder. The Board of Premier welcomes Nissin as a long-term
shareholder who understands and supports Premier's growth
ambitions.
David Beever, Chairman of Premier said:
"We welcome Nissin as a new long-term shareholder in our
business. By gaining a strategic investor who understands and
supports our growth ambitions, we have an exceptional opportunity
to deliver shareholder value. Based on the conditional cooperation
agreement we announced yesterday, we very much look forward to
working with Nissin to develop ways our two businesses can
co-operate to drive growth."
Relationship Agreement and Board Representation
As previously announced, Premier and Nissin are seeking to
finalise a formal Relationship Agreement on terms and conditions
that are customary for a substantial shareholding of this nature,
conditional upon: (i) completion of the share acquisition by
Nissin; (ii) Premier no longer being subject to an offer period
under the Takeover Code; and (iii) no third party having, by the
date on which such offer period expires, announced that any offer
for Premier has become or been declared unconditional as to
acceptances or that a scheme of arrangement has become effective.
As part of that agreement, it is expected that Nissin will,
following satisfaction of the conditions, have the right to appoint
a non-executive director to the Board of Premier for so long as
Nissin holds an interest in shares representing 15 per cent. or
more of the ordinary issued share capital of Premier.
There remains no other information required to be disclosed
under paragraph 9.6.13R of the Listing Rules in connection with the
above potential appointment.
For further information please contact:
Premier Foods plc +44 1727 815 850
Richard Johnson (Corporate Affairs Director)
Richard Godden (Head of Investor Relations)
Maitland +44 207 379 5151
Neil Bennett
Kate O'Neill
Tom Eckersley
Ondra Partners (Joint Lead Financial
Adviser to Premier) +44 207 082 8750
Robert Hingley
Jason Meers
Michael Tory
HSBC Bank plc (Joint Lead Financial
Adviser to Premier) +44 20 7991 8888
Charles Packshaw
Keith Welch
Alex Thomas
Jefferies International Limited +44 20 7029 8000
(Joint Co-Financial Adviser and Corporate Broker to Premier)
Paul Nicholls
David Watkins
Credit Suisse International +44 20 7888 8888
(Joint Co-Financial Adviser and Corporate Broker to Premier)
Stuart Field
Ben Deary
About Nissin
With annual revenues of around USD3.8 billion and operating
profit of around USD216 million, Nissin, which invented the world's
first instant noodles in 1958, operates in 19 different countries,
spanning Asia Pacific, the Americas, Europe, Middle East and
Africa. It is a global leader in instant noodles holding the number
one or two positions in key markets, including Japan, the United
States and Brazil and has a growing presence in chilled and frozen
foods, cereal-based confectionery and yoghurt beverages in Japan.
Nissin's presence in Europe includes Hungary, Germany and Spain,
with brands such as Cup Noodles, Soba and Top Ramen. It also
benefits from a state-of-the-art global research and innovation
centre in Japan that develops more than a thousand new products
that are distributed around the globe every year and has
significant expertise in starch technologies, sodium reduction and
production techniques.
Disclosure requirements of the Code
Under Rule 8.3(a) of the Code, any person who is interested in
1% or more of any class of relevant securities of the offeree or of
any securities exchange offeror (being any offeror other than an
offeror in respect of which it has been announced that its offer
is, or is likely to be, solely in cash) must make an Opening
Position Disclosure following the commencement of the offer period
and, if later, following the announcement in which any securities
exchange offeror is first identified. An Opening Position
Disclosure must contain details of the person's interests and short
positions in, and rights to subscribe for, any relevant securities
of each of (i) the offeree and (ii) any securities exchange
offeror(s). An Opening Position Disclosure by a person to whom Rule
8.3(a) applies must be made by no later than 3.30 pm (London time)
on the 10th business day following the commencement of the offer
period and, if appropriate, by no later than 3.30 pm (London time)
on the 10th business day following the announcement in which any
securities exchange offeror is first identified. Relevant persons
who deal in the relevant securities of the offeree company or of a
securities exchange offeror prior to the deadline for making an
Opening Position Disclosure must instead make a Dealing
Disclosure.
Under Rule 8.3(b) of the Code, any person who is, or becomes,
interested in 1% or more of any class of relevant securities of the
offeree company or of any securities exchange offeror must make a
Dealing Disclosure if the person deals in any relevant securities
of the offeree company or of any securities exchange offeror. A
Dealing Disclosure must contain details of the dealing concerned
and of the person's interests and short positions in, and rights to
subscribe for, any relevant securities of each of (i) the offeree
company and (ii) any securities exchange offeror, save to the
extent that these details have previously been disclosed under Rule
8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies
must be made by no later than 3.30 pm (London time) on the business
day following the date of the relevant dealing.
If two or more persons act together pursuant to an agreement or
understanding, whether formal or informal, to acquire or control an
interest in relevant securities of the offeree company or a
securities exchange offeror, they will be deemed to be a single
person for the purpose of Rule 8.3.
Opening Position Disclosures must also be made by the offeree
company and by any offeror and Dealing Disclosures must also be
made by the offeree company, by any offeror and by any persons
acting in concert with any of them (see Rules 8.1, 8.2 and
8.4).
Details of the offeree and offeror companies in respect of whose
relevant securities Opening Position Disclosures and Dealing
Disclosures must be made can be found in the Disclosure Table on
the Takeover Panel's website at www.thetakeoverpanel.org.uk,
including details of the number of relevant securities in issue,
when the offer period commenced and when any offeror was first
identified. You should contact the Panel's Market Surveillance Unit
on +44 (0)20 7638 0129 if you are in any doubt as to whether you
are required to make an Opening Position Disclosure or a Dealing
Disclosure.
HSBC Bank plc, which is authorised by the Prudential Regulation
Authority and regulated in the United Kingdom by the Financial
Conduct Authority and the Prudential Regulation Authority, is
acting as financial adviser exclusively for Premier and for no-one
else in connection to the matters in this announcement and will not
be responsible to anyone other than Premier for providing the
protections afforded to its clients nor for providing advice in
connection with the Offer or any matter referred to herein.
Ondra Partners, which is authorised by the Prudential Regulation
Authority and regulated in the United Kingdom by the Financial
Conduct Authority and the Prudential Regulation Authority, is
acting as financial adviser exclusively for Premier and for no-one
else in connection to the matters in this announcement and will not
be responsible to anyone other than Premier for providing the
protections afforded to its clients nor for providing advice in
connection with the Offer or any matter referred to herein.
Jefferies International Limited ("Jefferies"), which is
authorised and regulated in the United Kingdom by the Financial
Conduct Authority, is acting exclusively for Premier as financial
adviser and corporate broker and no-one else in connection with the
Proposal and Jefferies will not regard any other person as its
client(s) of Jefferies in in connection to the matters in this
announcement and will not be responsible to anyone other than
Premier Foods for providing the protections afforded to its clients
or for providing advice in in connection to the matters in this
announcement, the contents of this announcement or any transaction,
arrangement or other matter referred to in this announcement.
(MORE TO FOLLOW) Dow Jones Newswires
March 24, 2016 04:01 ET (08:01 GMT)
Credit Suisse International (Credit Suisse), which is authorised
by the Prudential Regulation Authority and regulated in the United
Kingdom by the Financial Conduct Authority and the Prudential
Regulation Authority, is acting exclusively for Premier Foods and
no one else in connection with the matters in this announcement and
will not be responsible to anyone other than Premier Foods for
providing the protections afforded to clients of Credit Suisse nor
for providing advice in relation to the Offer , the content of this
announcement or any other matter referred to herein. Neither Credit
Suisse nor any of its subsidiaries, branches or affiliates owes or
accepts any duty, liability or responsibility whatsoever (whether
direct or indirect, whether in contract, in tort, under statute or
otherwise) to any person who is not a client of Credit Suisse in
connection with this announcement, any statement contained herein
or otherwise.
This information is provided by RNS
The company news service from the London Stock Exchange
END
AGRLIFEDVTISFIR
(END) Dow Jones Newswires
March 24, 2016 04:01 ET (08:01 GMT)
Premier Foods (LSE:PFD)
Historical Stock Chart
From Jun 2024 to Jul 2024
Premier Foods (LSE:PFD)
Historical Stock Chart
From Jul 2023 to Jul 2024