Total Produce increases its Capespan Shareholding (5513U)
December 23 2011 - 2:00AM
UK Regulatory
TIDMTOT
RNS Number : 5513U
Total Produce Plc
23 December 2011
Total Produce plc
Stock Exchange Announcement
Total Produce increases its Capespan Shareholding
to 25% in EUR13m Transaction
Total Produce plc is pleased to announce that it has sold its
50% shareholding in the European distribution business Capespan
International Holdings Ltd ("Capespan Europe"), to Capespan Group
Ltd in South Africa ("Capespan South Africa"), in exchange for an
additional 20 million shares in Capespan South Africa and EUR8.5m
in cash.
This will result in Total Produce increasing its shareholding in
Capespan South Africa to 25% and being its second largest
shareholder. The transaction is subject to regulatory approval, and
the issue of the shares is subject to the approval of Capespan
South Africa's shareholders.
Capespan South Africa already owned 50% of Capespan Europe. The
full merger of Capespan Europe with Capespan South Africa will
result in the alignment of the offering to provide the best
possible service to our customers.
Capespan Europe reported an operating profit of GBPGBP2.0m
pre-exceptional costs in 2010 and had net assets before goodwill
and intangibles of GBPGBP5.75m. The transaction will increase Total
Produce's cash balance by EUR8.5m, for use in the continued
expansion of the group.
Commenting on the transaction, Carl McCann, Chairman of Total
Produce said:
"We are pleased to have further increased our shareholding in
Capespan, the premier South African Produce company with a global
reach."
23 December 2011
For further information, please contact: Brian Bell, Wilson
Hartnell PR Tel: +353-1-669 0030
This information is provided by RNS
The company news service from the London Stock Exchange
END
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