Greencore Group Seeks UK Stock Market Listing
Greencore, the Dublin-based international convenience food producer, is seeking a listing on the London Stock Exchange. The move reflects the fact that despite its Irish origins Greencore 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, Greencore announced the acquisition of Uniq which has further increased the proportion of its activity in theUK. At this time, Greencore also announced its intention to seek FTSE UK Series inclusion. With effect from the close of business on 20th January 2012, Greencore’s ordinary shares will be cancelled on the Irish Stock Exchange’s Main Securities Market.
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. Greencore has already changed its reporting currency from Euro to Sterling and going forward, dividends will be declared in Sterling.
The FTSE Nationality Committee, which considers the qualification of shares for index eligibility, meets on 7th February 2012. The FTSE European/Middle East/Africa Regional Committee, which considers shares for index inclusion, meets on 7th 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 19th March 2012.
Greencore holds strong market positions in theUKconvenience food market across sandwiches, chilled prepared meals, chilled soups and sauces, ambient sauces and pickles, cakes and desserts andYorkshirepuddings. It is also extending its presence outside the UK with an emerging convenience food business in the US.
