15 January 2018
Premier Foods plc (the "Group")
Premier Foods plc notes weekend press speculation concerning a possible sale of its Batchelors' brand to Nissin Foods Holdings Co. Ltd ("Nissin").
The Board has made no changes to its strategy since the strategic update communicated in our preliminary results announcement on 16 May 2017. The Board remains focussed on our strategic objectives, including that of reducing the ratio of net debt to EBITDA below three times.
On 29 June 2017 the company confirmed that, in line with good corporate governance, it regularly reviews options to deliver value for all its stakeholders. Such reviews do periodically involve discussions with third parties, including Nissin (with whom the company signed a Co-operation Agreement on 23 March 2016). There is no current situation where discussions have gone beyond an exploratory stage.
As a matter of normal good governance, the Board continues to keep under review any options which could potentially add value for shareholders and other stakeholders, and accelerate the delivery of the Board's strategic objectives, particularly with respect to reducing gearing.
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For further information, please contact:
Investors and analysts:
Alastair Murray, Chief Financial Officer |
+44 (0) 1727 815 850 |
Richard Godden, Director of Investor Relations |
+44 (0) 1727 815 850 |
Media:
Maitland
Sundeep Tucker |
+44 (0) 20 7379 5151 |
Joanna Davidson |
+44 (0) 20 7379 5151 |
