Total Produce finalises Capespan Group transaction (5473Y)
March 02 2012 - 2:00AM
UK Regulatory
TIDMTOT
RNS Number : 5473Y
Total Produce Plc
02 March 2012
Total Produce plc
Stock Exchange Announcement
Total Produce finalises EUR13m transaction to increase
its Capespan Shareholding to 25%
Total Produce plc, Europe's leading fresh produce company, is
pleased to announce that its EUR13m transaction to increase its
Shareholding in Capespan Group Limited ("Capespan Group"), the
leading South African fresh produce company, has been
completed.
Total Produce plc announced on 23 December 2011 that it had sold
its 50% shareholding in the European distribution business Capespan
International Holdings Ltd ("Capespan Europe"), to Capespan Group
in exchange for an additional 20 million shares in Capespan Group
and EUR8.5m in cash. The transaction was subject to regulatory
approval and the issue of the shares was subject to the approval of
Capespan Group shareholders. Both of these approvals have since
been received. The EUR8.5m of cash was received in January and the
shares have now been issued to Total Produce.
With a shareholding of 25.3%, Total Produce is now the second
largest shareholder in Capespan Group.
Capespan Group and Total Produce both previously owned 50% of
Capespan Europe. The full merger of Capespan Europe with Capespan
Group enables the alignment of the offering to provide the best
possible service to customers.
2 March 2012
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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