Greencore Group plc is a leading international manufacturer of convenience foods. We have 22 convenience foods manufacturing sites in the UK and the US; and employ in the region of 12,000 people.

The Convenience Foods Division provides a wide range of chilled, frozen and ambient foods to major retail, manufacturing and foodservice customers in the UK and Ireland, as well as many in Continental Europe, the US and beyond. We have long-standing experience in customer brand as well as providing a selection of house and licensed brands. The Division consists of six manufacturing category businesses comprising 15 sites in the UK and seven in the United States. We also operate a UK nationwide chilled van distribution fleet to service individual outlets.

The Ingredients & Related Property Division comprises Trilby Trading and associate molasses companies as well as a specialist property team that is working to maximise the value of the Group's property assets.

At Greencore, we aim to provide a distinctive approach that combines consumer understanding with customer care and a passion for providing the very best products and service.


In 2011 Greencore became a founding member of the British Irish Chamber of Commerce.
Welcome from Group CEO




http://www.greencore.ie/

nudging 200p

Looks like the rns did not go down well today -



Proposed Sale of Greencore US
RNS
RNS Number : 0068E
Greencore Group PLC
15 October 2018

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION
THIS ANNOUNCEMENT INCLUDES INSIDE INFORMATION
For Immediate Release
GREENCORE GROUP PLC
Proposed Sale of Greencore US and £509 million Capital Return
15 October 2018
Greencore Group plc ("Greencore" or the "Group") a leading convenience food business, today announces that it has entered into an agreement for the sale of its entire US business ("Greencore US") to an affiliate of Hearthside Food Solutions LLC ("Hearthside") for US$1,075 million (£817 million)1 on a cash and debt-free basis (the "Transaction").
TRANSACTION highlights
· Transaction EV / EBITDA multiple of 13.4x/14.2x2,3, representing a compelling and immediate realisation of value
· Hearthside is a scale US contract food manufacturer with a heritage in US food industry outsourcing
· Net proceeds of c.£802 million will allow for Greencore to declare a Special Dividend of 72 pence per Ordinary Share, representing an aggregate amount of £509 million in cash, to shareholders as soon as practicable following completion of the Capital Reduction and the Lender Consent/Refinancing
· The Transaction will also support a strengthened balance sheet, with up to £293 million to be used to reduce leverage, and a target medium term leverage range of 1.5-2.0x Net Debt / EBITDA
· Post-Transaction, Greencore will have a leading position in its core UK market, greater financial and strategic flexibility, and potential for dynamic capital management
· Completion expected by late November 2018, conditional on approval of Greencore shareholders and US HSR clearance
GREENCORE AS A FOCUSED UK CONVENIENCE FOOD LEADER
Following the Transaction, the Board believe that the Retained Group will be well positioned with the focus, team, and flexibility to drive growth and returns. Post-transaction, the Group intends to:
· extend its leadership position in attractive categories and formats within the structurally growing convenience food market
· deepen its long-term partnerships with customers
· execute a number of value-creating initiatives in a dynamic and changing UK marketplace
· focus the organisation on UK opportunities with a strong team of leaders with industry-leading experience and expertise across strategy, commercial, manufacturing, technical/food safety and people development
· drive sustained growth, returns and cash flow for its Shareholders
Commenting on the Transaction, Greencore's CEO, Patrick Coveney, said:
"We believe that the proposed sale of our US operation represents a compelling and immediate realisation of value for Greencore's shareholders. We have always had a firm conviction on the underlying value and growth prospects of our US business and believe that this offer fully reflects that. Looking ahead, we are confident that we can deliver further growth and returns in the dynamic UK market. The proposed transaction would enhance our strategic and financial flexibility, which would allow us to build on our industry-leading position in our core UK market whilst also taking advantage of emerging organic and inorganic growth opportunities."

The Transaction is of sufficient size relative to the Group to constitute a class 1 transaction for the purposes of the Listing Rules and the Transaction is therefore conditional upon the approval of Shareholders. Accordingly, an Extraordinary General Meeting ("EGM") of Greencore is to be held at The Westin Dublin Hotel, College Green, Westmoreland Street, Dublin, D02 HR67 at 10.00 a.m. on 7 November 2018 for the purposes of approving the Transaction.

If Completion of the Transaction occurs, and subject to the occurrence of the Lender Consent/Refinancing and the Capital Reduction, it is the Board's intention to declare and pay a Special Dividend of 72 pence per Ordinary Share representing an aggregate amount of £509 million in cash. At the EGM Shareholders will also be asked to vote on a number of proposals intended to give Greencore the flexibility to implement the Special Dividend and an accompanying customary Share Consolidation.

A shareholder circular (the "Circular") containing further details of the Transaction and including the notice of the EGM will be sent to shareholders following approval by the UK Listing Authority, (expected later today), and will be available for inspection at www.greencore.com. A summary expected timetable of principal events is set out in Appendix I to this Announcement.
CURRENT TRADING
· Reiterating previously announced Adjusted EPS range of 14.7p-15.7p for FY18
· Completed disposal of Rhode Island facility for additional cash consideration of $10.8m in FY18
· FY18 Results will be issued on 4 December 2018

proactive investor - Greencore dives as it agrees US$1bn sale of US business
Share
12:40 15 Oct 2018
Shareholders will receive just over half of the £817mln sale price, but that wasn’t enough to stop the shares from dipping on Monday

CEO Patrick Coveney had previously been keen to take on America
Ready meals maker Greencore Group PLC (LON:GNC) is selling off its US business to snacks giant Hearthside Food for US$1bn (£817mln) as it doubles down on its “dynamic” home UK market.
It marks a change in strategy for the company and its chief executive Patrick Coveney, who had previously seemed keen on cracking the US.

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READ: Greencore shares rise on Numis upgrade
The bulk of the cash - £509mln – will be returned to shareholders in the form of a special dividend. A further £293mln will be used to beef up the balance sheet by paying down debts.
Despite the hefty payout, investors weren’t best pleased with the move away from the US, with shares dropping 7% to 192.9p.
“We believe that the proposed sale of our US operation represents a compelling and immediate realisation of value for Greencore's shareholders,” said CEO Coveney.
“We have always had a firm conviction on the underlying value and growth prospects of our US business and believe that this offer fully reflects that.”
He added: “Looking ahead, we are confident that we can deliver further growth and returns in the dynamic UK market. The proposed transaction would enhance our strategic and financial flexibility, which would allow us to build on our industry-leading position in our core UK market whilst also taking advantage of emerging organic and inorganic growth opportunities.”
Greencore, which supplies supermarkets with pre-made sandwiches, soups, quiches and other foods, expects the deal to go through late next month (November).

Proposed Tender Offer
RNS
RNS Number : 0541L
Greencore Group PLC
20 December 2018

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION
This Announcement contains Inside Information
For Immediate Release
GREENCORE GROUP PLC
Proposed return of up to £509 million by way of Tender Offer at 195 pence per Ordinary Share
and
Notice of Annual General Meeting
20 December 2018
Further to the statement made on 4 December 2018, in which Greencore Group plc ("Greencore" or the "Group") announced its intention to return up to approximately £509 million to Shareholders by way of a tender offer (the "Tender Offer"), Greencore today announces further details of the Tender Offer, including the pricing at 195 pence per Ordinary Share (the "Tender Price"), as well as the opening of the Tender Offer.
Highlights of the Tender Offer
· The Tender Price represents:
o a premium of 17.5% to the closing price of 166 pence per Ordinary Share on 19 December 2018 (being the latest practicable date prior to the release of this announcement); and
o a premium of 11.9% to the volume weighted average price per Ordinary Share over the one month to 19 December 2018.
· The maximum number of Ordinary Shares that may be acquired under the Tender Offer is 261,025,641, representing approximately 37% of Greencore's Issued Ordinary Share Capital on 19 December 2018 (being the latest practicable date prior to the release of this announcement).
· The Tender Offer opens today and will close at 1.00 pm on 29 January 2019 with cash payments expected by no later than 7 February 2019.
· To the extent the full Capital Return target amount of approximately £509 million is not utilised in the Tender Offer, Greencore intends to return the balance to Shareholders promptly after the completion of the Tender Offer, currently anticipated to be by way of a special dividend.
· The Tender Offer has no impact on the payment of the final dividend of 3.37 pence per Ordinary Share to be paid on 5 February 2019, which is payable to all Shareholders on the Register at 5.00 p.m. on 11 January 2019, being the record date for such final dividend.
· Completion of the Tender Offer will be conditional on shareholder approval of the Tender Offer at the Annual General Meeting on 29 January 2019.
The preceding summary should be read in conjunction with the full text below, as well as the shareholder circular (the "Circular"), which is expected to be published later today following receipt of approval by the FCA in its capacity as UK Listing Authority and also includes notice of Greencore's Annual General Meeting. A summary expected timetable of principal events is set out in Appendix I to this announcement.
Annual General Meeting
The Annual General Meeting is being convened for 11.00 a.m. on 29 January 2019 to consider and, if approved by shareholders, pass a number of resolutions, including the Tender Offer Resolution, as set out in full in the Circular.
The defined terms set out in Appendix II apply to this announcement.