Business
Restatement re Primary Products Disposal
Restatement re Primary Products Disposal.
About this update from Tate & Lyle Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 8647P\n Tate & Lyle PLC\n 21 October 2021\n \n \n \n \n 21 OCTOBER 2021 - TATE & LYLE PLC\n \n \n RESTATEMENT OF PRIOR YEAR FINANCIAL INFORMATION FOR THE SHAREHOLDER APPROVED SALE OF A CONTROLLING STAKE IN THE PRIMARY PRODUCTS BUSINESS (\"NewCo\")\n \n \n \n \n \n Introduction \n \n \n \n \n \n On 12 July 2021, Tate & Lyle announced that it had entered into an agreement to sell a controlling stake in a new company (\"NewCo\") and its subsidiaries which will hold Tate & Lyle's Primary Products business in North America and Latin America and its interests in the Almidones Mexicanos S.A de C.V (\"Almex\") and DuPont Tate & Lyle Bio-Products Company, LLC (\"Bi-PDO\") joint ventures (together, the \"NewCo Business\"), to Gemini Holdings, LP (the \"Purchaser\") an affiliate of funds managed by KPS Capital Partners, LP ( together with the Purchaser and their affiliates, \"KPS\") (altogether, the \"Transaction\"). Under the terms of the Transaction, Tate & Lyle will continue to hold a 49.9% interest in NewCo and will benefit from potential value creation in the NewCo Business in the future. \n \n \n \n \n \n On 30 September 2021 Tate & Lyle ordinary shareholders voted to approve the transaction, with 99.9% of the shares that voted voting in favour of the Transaction.\n \n \n \n \n \n In advance of the publication on 4 November 2021 of Tate & Lyle's half-year results for the six months ended 30 September 2021, and to assist with understanding the accounting impact of the Transaction, this announcement is being made to provide details of the framework under which the future results of Tate & Lyle will be reported and set out the restated comparative information for the six months to 30 September 2020 and the year ended 31 March 2021.\n \n \n \n \n \n This document also contains pro-forma financial information for Tate & Lyle for the six months ended 30 September 2020 and the year ended 31 March 2021, \n which shows the impact of further adjustments reflecting additional factors that will come into effect at or following completion of the Transaction. The pro-forma adjustments show a reduction in adjusted diluted earnings per share (EPS) for each period. However, it should be noted that \n the dilution presented for the ye...