Business
Result of placing in Associated British Foods PLC
Result of placing in Associated British Foods PLC.
About this update from Associated British Foods Plc
[{"type":"text","content":"\n\nPress release, 31 May 2024\nTHIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR PUBLICATION, RELEASE, TRANSMISSION, DISTRIBUTION OR FORWARDING, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA OR ANY JURISDICTION IN WHICH SUCH PUBLICATION, RELEASE OR DISTRIBUTION WOULD BE UNLAWFUL.\nTHIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND IS NOT AN OFFER OF SECURITIES IN ANY JURISDICTION.\nResult of placing of ordinary shares in Associated British Foods PLC\nHoward Investments Limited (\"Howard\"), a wholly owned subsidiary of Wittington Investments Limited (\"Wittington\") has agreed to sell approximately 10.3 million ordinary shares (representing approximately 1.4% of the issued share capital) in Associated British Foods PLC (\"ABF\") to institutional investors by way of an accelerated bookbuild process (the \"Placing\") at a price of 2,550 pence per ordinary share, raising gross proceeds of approximately £262 million.\nFollowing completion of the Placing, the combined shareholding of Wittington and Howard in ABF is expected to be approximately 56.1%. Once the remainder of the £500 million share buyback programme announced by ABF with its last full year results in November 2023 (the \"FY24 Buyback\") has completed, the combined shareholding is expected to be broadly in line with its level prior to the commencement of the FY24 Buyback, which was 56.4%.\nWittington has agreed that neither it nor Howard will sell any further shares in ABF for the remainder of ABF's current financial year ending 14th September 2024 without the consent of UBS AG, London Branch (\"UBS\"). Wittington is committed to maintaining a majority stake in ABF.\nUBS acted as Bookrunner in connection with the Placing.\nMedia Enquiries\nCitigate Dewe Rogerson: &nbs...