Completion of Disposal

RNS Number : 7361P

Premier Foods plc

29 October 2012

 



29 October 2012

Premier Foods plc

("Premier Foods")

Premier Foods Completes Disposal of Sweet Spreads and

Jellies Business to Hain Celestial

Premier Foods is pleased to announce that:

·           all of the pre-completion conditions in respect of the proposed disposal of its Sweet Spreads and Jellies Business, as set out in the circular to shareholders dated 28 September 2012, have been satisfied; and

·           it completed the disposal of Histon Sweet Spreads Limited, the owner of the Sweet Spreads and Jellies Business, to The Hain Celestial Group, Inc. ("Hain Celestial") on 27 October 2012. 

Premier Foods has received a cash payment of £170 million and will receive shares in Hain Celestial worth at least £30 million (as at completion) to make an aggregate consideration of £200 million, on a cash and debt free basis.  The consideration is subject to a customary adjustment for a normalised level of stock at completion.

~ Ends ~

For further information, please contact:

Premier Foods plc

Lisa Attenborough, Director of Communications                               [phone]

Richard Godden, Head of Investor Relations                                     [phone]

Maitland                                                                                               [phone]

Tom Buchanan

Brian Hudspith

Notes to editors:

As Britain's largest food producer, Premier Foods is committed to being 'The Best in British Food' - delivering the taste the British love, with food that's made in Britain by people who understand British consumers.  We supply a range of retail, wholesale, foodservice and other customers with some of Britain's best loved brands, including Ambrosia, Batchelors, Bisto, Hovis, Loyd Grossman, Mr. Kipling, Oxo and Sharwood's. The company employs around 10,000 people operating from over 40 sites from Plymouth to Glasgow.

 

END

 

 

DISEANENASDAFEF