Total Produce Plc Share Buy-Back Programme (5985B)
October 08 2015 - 2:00AM
UK Regulatory
TIDMTOT
RNS Number : 5985B
Total Produce Plc
08 October 2015
Total Produce plc
Stock Exchange Announcement
Share Buy-Back Programme
Following its recent strong 2015 first half results and increase
in earnings outlook, Total Produce plc, Europe's leading fresh
produce company, continues to actively pursue further investment
opportunities in both new and existing markets. The Group has, this
year, acquired a 50% shareholding in the CAD$170m sales Gambles
Group based in Toronto, Canada.
In addition, as part of its ongoing capital investment
allocation, the Group is initiating a EUR20 million share buy-back
programme.
The EUR20m share buy-back programme is equivalent to 16 million
ordinary shares of nominal value EUR0.01 ("Ordinary Shares") (based
on the share price of EUR1.25 at close of business on 7 October
2015) and will reduce the issued share capital of the Group (the
"Programme"). The Programme will commence on 9 October 2015 and it
will continue until the requisite number of Ordinary Shares has
been purchased. The Programme will be managed exclusively by
Davy.
Pursuant to the terms of the Programme, Davy will purchase
Ordinary Shares in its sole absolute discretion provided that the
aggregate daily volume of Ordinary Shares purchased pursuant to the
Programme will not exceed 50% of the average daily trading volume
in the Ordinary Shares on the Irish Stock Exchange for the 5 days
preceding the date of purchase, and the maximum price which can be
bid for each Ordinary Share shall be in accordance with the terms
of the general authority to make market purchases of Ordinary
Shares granted to the Company by shareholders at the Annual General
Meeting of the Company on 20 May 2015 and in compliance with
applicable legislation and regulatory requirements. The purchased
shares will be cancelled.
8 October 2015
For further information, please contact:
Brian Bell, Wilson Hartnell PR
Tel: +353-1-669 0030
Ivan Murphy/Fergal Meegan, Davy Corporate Finance
Tel: +353-1-679 6363
This information is provided by RNS
The company news service from the London Stock Exchange
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