Aryzta has published the final terms of the proposed ordinary capital increase through a discounted rights offering expected to raise approximately €790 million gross proceeds, ahead of its Annual General Meeting (AGM) which takes place today.
The Irish-Swiss firm said in a statement that it expects to raise a total amount of approximately CHF900 million gross proceeds through the rights offering which corresponds to approximately €790 million, in line with its announcement of an up to €800 million capital increase on 13 August 2018.
Capital Increase
"The sizing of the capital increase reflects Aryzta’s requirements to obtain the necessary strategic and financial flexibility to implement its strategy, strengthen its balance sheet, provide funding to execute Project Renew and have the ability to maximise the value of non-core asset disposals," the Cuisine de France owner said in a statement.
"The proceeds from the capital raise will be used for term loan repayment, funding of the required investments under Project Renew and
general corporate purposes including working capital needs."
The Board of Directors unanimously recommends that shareholders vote in favour of the capital increase resolution at the AGM in addition to all other resolutions being proposed as they intend to do in respect of their own shareholdings, the statement outlined.
© 2018 Checkout – your source for the latest Irish retail news. Article by Donna Ahern. Click subscribe to sign up for the Checkout print edition.
