Produce Investments PLC Update (3660C)

TIDMPIL

RNS Number : 3660C

Produce Investments PLC

28 September 2018

PRODUCE INVESTMENTS PLC

Update

Produce Investments plc, (AIM:PIL) ("Produce," "Company" or the "Group"), a leading operator in the fresh potato and daffodil sectors, announces the following update.

The Company has been notified today by one of its major customers of its decision to implement a new single supplier strategy. As a result of this change, the Company will not be awarded a new supply contract once the existing agreement expires in August 2019. It is expected that supply volumes to this customer will be gradually phased out over a three year period from the expiration of the existing agreement (by August 2022).

Whilst naturally disappointed with the outcome of this decision, this is part of the ordinary course of business in the sector in which the Company operates and the Board will continue to work hard to drive new business and mitigate over time any negative impact this decision may have on the Company's operations.

For further information contact:

 
 Produce Investments plc 
 Angus Armstrong 
  Jonathan Lamont                   +44 (0) 1733 372 515 
 
 Shore Capital (Nomad) 
 Stephane Auton / Patrick Castle    +44 (0) 20 7408 4090 
 
 Powerscourt 
 Nick Dibden 
  Jana Tsiligiannis 
  produce@powerscourt-group.com     +44 (0) 20 7250 1446

In accordance with Rule 26.1 of the Takeover Code, a copy of this announcement is available, subject to certain restrictions relating to persons resident in Restricted Jurisdictions, for inspection on the website of Produce Investments at www.produceinvestments.co.uk promptly and in any event by no later than 12 noon (London time) on the Business Day following the date of this announcement. For the avoidance of doubt, the contents of such website is not incorporated into, and does not form part of, this announcement.

Disclosure requirements of the Takeover Code (the "Code")

Under Rule 8.3(a) of the Code, any person who is interested in 1% or more of any class of relevant securities of an offeree company or of any securities exchange offeror (being any offeror other than an offeror in respect of which it has been announced that its offer is, or is likely to be, solely in cash) must make an Opening Position Disclosure following the commencement of the offer period and, if later, following the announcement in which any securities exchange offeror is first identified. An Opening Position Disclosure must contain details of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror(s). An Opening Position Disclosure by a person to whom Rule 8.3(a) applies must be made by no later than 3.30 pm (London time) on the 10th business day following the commencement of the offer period and, if appropriate, by no later than 3.30 pm (London time) on the 10th business day following the announcement in which any securities exchange offeror is first identified. Relevant persons who deal in the relevant securities of the offeree company or of a securities exchange offeror prior to the deadline for making an Opening Position Disclosure must instead make a Dealing Disclosure.

Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1% or more of any class of relevant securities of the offeree company or of any securities exchange offeror must make a Dealing Disclosure if the person deals in any relevant securities of the offeree company or of any securities exchange offeror. A Dealing Disclosure must contain details of the dealing concerned and of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror(s), save to the extent that these details have previously been disclosed under Rule 8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies must be made by no later than 3.30 pm (London time) on the business day following the date of the relevant dealing.

If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire or control an interest in relevant securities of an offeree company or a securities exchange offeror, they will be deemed to be a single person for the purpose of Rule 8.3.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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September 28, 2018 07:39 ET (11:39 GMT)

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