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On 20 December 2022, A.G. BARR p.l.c acquired the remaining 38.2% equity stake in MOMA Foods Limited from founder Tom Mercer and other minority shareholders. The acquisition was for a total cash consideration of £3.4 million, following A.G. BARR's initial acquisition of a 61.8% stake in MOMA in December 2021. As Tom Mercer is a related party, the transaction is covered by Listing Rule 11.1.10R.
| Date | 20 Dec 2022 |
| Time | 07:00:11 |
| Category | Acquisitions and alliances |
| ID | 2417K |
FOR IMMEDIATE RELEASE
20 December 2022
A.G. BARR p.l.c
("A.G. BARR" or the "Company" or the "Group")
Acquisition of MOMA minority shareholding
A.G. BARR today announces that it has acquired the remaining 38.2% equity stake in MOMA Foods Limited ("MOMA") from founder Tom Mercer, and the other minority shareholders, for a total cash consideration of £3.4m.
When A.G. BARR acquired its 61.8% stake in MOMA in December 2021, it entered into an option deed with Tom Mercer and the other remaining shareholders which gave it an agreed path to full ownership in the following three years. A.G BARR and the remaining MOMA shareholders have agreed to bring forward the acquisition of the remaining 38.2% equity stake. This will give A.G. BARR full control of the MOMA business, which will remain a standalone, supported business unit within the Group.
Roger White, CEO of A.G. BARR, commented: "We are delighted to bring forward the planned full ownership of the MOMA business. This allows us to fully support the MOMA business and brand, such that we can leverage the increased growth potential sooner than allowed for under the original acquisition structure. The completion of the acquisition is a further positive indication of A.G. BARR's growth ambitions."
As Mr. Mercer is a related party of A.G. BARR (with 46% of the remaining 38.2% equity), for the purposes of the Listing Rules, his sale to the Company of his shares in MOMA, under the brought forward acquisition of the remaining equity stake in MOMA by A.G. BARR (collectively the "MOMA Acquisition"), is a transaction of the kind covered by LR 11.1.10R. The Company's sponsor has provided written confirmation that the terms of the MOMA Acquisition are fair and reasonable insofar as the Company's shareholders are concerned.
For more information, please contact:
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A.G. BARR
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0330 390 3900 Roger White, Chief Executive Stuart Lorimer, Finance Director |
Instinctif Partners
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020 7457 2020 Justine Warren Matthew Smallwood |
A copy of this announcement will be available at https://www.agbarr.co.uk/investors/results-and-news/regulatory-news/