Bakkavör Group acquires shares in Geest
Bakkavör Group has acquired 7.661.860 shares in Geest representing 10,27% of the issued share capital of Geest. Bakkavör has no present intention of making an offer for Geest and may increase or decrease its shareholding in the future. The Group is bound by the regulations of the London Stock Exchange and can not make an offer for Geest in the next six months.
Geest plc is one of the main food manufacturers in the UK and specialises in the manufacturing of freshly prepared food. The company’s main operations are based in the UK but it also operates production facilities in Europe and South Africa and employs over 10,000 people. The company manufacturers over 2000 products which are sold under retailers own labels and it’s customers include all the major retailers in the UK. The company’s turnover amounted to GBP 867.5 million (113,7 billion ISK) for the last financial year and profits before taxes amounted to GBP 41.1 million (5,4 billion ISK).
For further information see www.geest.co.uk
Ágúst Guđmundsson, Executive Chairman Bakkavör Group:
“The investment into Geest is in line with our plans to invest further into the fresh convenience food market and reflects the Group’s commitment to the sector.
Geest is a leading player in the freshly prepared food market who is focused on developing its position within the sector both in the UK and Europe. With a sound management team Geest has demonstrated steady growth which combined gives us confidence in our investment. The Bakkavör Board views this holding as a long-term strategic investment that meets our business investment philosophy and which currently also attracts a reasonable yield.”
For further information:
Ágúst Guđmundsson
Executive chairman Telephone: 00 44 7900 901 384
Lýđur Guđmundsson
CEO Telephone: 00 44 7900 901 385
