Greencore seeks inclusion in FTSE UK Index Series
20 December 2011
Greencore Group plc ("Greencore" or the "Company")
Greencore seeks inclusion in FTSE UK Index Series
In recent years, the profile of the operations of Greencore has changed from its Irish beginnings to one which now has the majority of its turnover, operating profits and producing assets derived from or located in the UK. In addition, the majority of the Group's shares is now held by overseas investors. Greencore's board believes that FTSE UK index inclusion would result in a further increase in UK and international investor awareness of Greencore.
In July 2011, the Company announced the acquisition of Uniq plc which has further increased the proportion of its activity in the UK. At this time, Greencore also announced its intention to seek FTSE UK Series inclusion. The criteria for inclusion require, amongst other conditions, a certain liquidity threshold to be met on the London Stock Exchange ("LSE"). In order to facilitate meeting this requirement, with effect from the close of business on 20 January 2012, Greencore's Ordinary shares will be cancelled on the Irish Stock Exchange's Main Securities Market pursuant to Listing Rule 1.6 (the "Cancellation"). Greencore will retain the Premium Listing of its Ordinary shares on the Official List of the United Kingdom Listing Authority and its Ordinary shares will continue to be traded on the main market for listed securities of the LSE. The Cancellation is not subject to the approval of shareholders. Greencore will adhere to the principles of the UK Corporate Governance Code, pre-emption rights and, as far as practicable, the UK Takeover Code and will remain subject to all of the super-equivalent regulatory obligations consequent to its continued Premium Listing on the LSE. Accordingly the Cancellation will have no material effect on the shareholder rights and investor protections currently applicable to an investment in Greencore.
As a result of this change, Greencore anticipates it should be eligible for the FTSE UK Index Series, provided it maintains the Premium Listing of its Ordinary shares on the LSE, trades those shares in Sterling (GBP) pence and meets the FTSE requirements prior to the FTSE quarterly review on 7 March 2012.
From 20 January 2012, Greencore ordinary shares listed on the LSE will trade in Sterling (GBP) pence rather than in Euro. There will be no impact on the amount or the timing of any dividend payments as a result of the Cancellation. As of 6 December 2011, the reporting currency of Greencore was changed to Sterling (GBP) and going forward, dividends will be declared in Sterling (GBP); existing procedures regarding currency elections will remain in force.
The FTSE Nationality Committee, which considers the qualification of shares for index eligibility, meets on 7 February 2012. The FTSE European/Middle East/Africa Regional Committee, which considers shares for index inclusion, meets on 7 March 2012. Subject to the independent deliberations of the FTSE committees, Greencore would expect to be included in the FTSE All-Share and the FTSE Small-Cap Indices from the start of business on 19 March 2012.
FOR FURTHER INFORMATION PLEASE CONTACT:
|
Alan Williams |
Chief Financial Officer |
Tel: +353 (0) 1 605 1018 |
|
Anne-Marie Curran |
Drury Communications |
Tel: +353 (0) 1 260 5000 |
|
Greg Lawless or Lisa Kavanagh |
Powerscourt |
Tel: +44 (0) 20 7250 1446 |
Greencore Group
-- A leading international producer of convenience food
-- Strong market positions in the UK convenience food market across sandwiches, chilled prepared meals, chilled
soups and sauces, ambient sauces and pickles, cakes and desserts and Yorkshire puddings
-- Extending presence outside the UK with an emerging convenience food business in the US
This information is provided by RNS
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