Total Produce plc, Europes leading fresh produce company, is pleased to announce that its 13m 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 8.5m 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 8.5m 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: +3531 669 0030