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 €20 million share buy-back programme.
The €20m share buy-back programme is equivalent to 16 million ordinary shares of nominal value €0.01 (“Ordinary Shares”) (based on the share price of €1.25 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