Propel Morning Briefing Mast HeadAccess Banner  
Propel Morning Briefing Mast Head Propel's LinkedIn LinkPaul's Twitter Link Paul's X Link

Brewdog Banner
Morning Briefing for pub, restaurant and food wervice operators

Wed 4th Sep 2019 - Fuller’s returning £69m to shareholders following beer business sale, managed like-for-likes up 2.5%, Swaine joins Rank
Fuller’s returning £69m to shareholders following beer business sale, managed like-for-likes up 2.5%, Swaine joins Rank: Fuller’s has revealed plans to return £69m to shareholders following the sale of its beer business to Asahi and reported a “good start” to trading in its new financial year. The company has also announced managing director Jonathon Swaine will depart the business today (Wednesday, 4 September) instead of next month to take up a role with Rank after 14 years at the brewer. Swaine will take over as retail managing director at Rank, replacing Alan Morgan. Fuller’s stated: “Following the sale of the beer business to Asahi Europe, which completed on 27 April, and its agreement to make a £24m voluntary offer to its pensions scheme from the proceeds thereof, the company intends to return a total of approximately £69m of cash to ordinary shareholders, representing a return of 125p per A ordinary share and C ordinary share in the company, and 12.5p per B ordinary share in the company. The board expects the return of capital will be implemented by way of a D share scheme requiring the issue and allotment of a new class of shares by the company to ordinary shareholders in proportion to their existing holding of ordinary shares in the company (taking into account the different economic rights of the ordinary shares). Following the allotment and issue of the D shares, it is expected Numis Securities, or a subsidiary thereof, will make an offer to purchase all the D shares for an amount of 12.5p per D share, free of all expenses and commissions. A circular containing details of the return of capital and notice of an extraordinary general meeting on the company’s shareholders is expected to be posted to shareholders on Friday (6 September) with the general meeting expected to be held on Tuesday, 1 October. It is expected, subject to shareholder approval, completion of the return of capital will take place shortly following the general meeting and settlement will take place in mid-October. The company has made a good start to the new financial year with like-for-like sales in managed pubs and hotels rising 2.5% and like-for-like profits in tenanted inns down 2%, against exceptionally strong trading for the same period last year.” Chief executive Simon Emeny said: “It has been a busy start to the year with the sale of the Fuller’s beer business to Asahi and I am pleased to announce the intention to return approximately £69m to shareholders, which is at the top end of the range indicated in the original circular to shareholders on the disposal of the beer business. We are now focused on driving the performance of our premium pubs and hotels business and, with the addition of our new finance director Adam Councell, the full executive team is in place. I am pleased to see our managed pubs and hotels showing like-for-like growth and, while our like-for-like profits in tenanted inns are down a little on last year, it is important to remember the first half of last year included the halcyon period where sun and sport combined to create perfect pub-going conditions. I look forward to updating the City on our plans and progress in more detail at our half-year results presentation in November.” As well as announcing Swaine’s departure, Fuller’s also announced it had accepted Peter Swinburn’s resignation for health reasons as non-executive director. On the recommendation of the nominations committee, Juliette Stacey has been appointed as senior independent director.


Return to Archive Click Here to Return to the Archive Listing
 
Punch Taverns Link
Return to Archive Click Here to Return to the Archive Listing
Propel Premium
 
Nory Banner
 
Knorr Banner
 
Alcumus Banner
 
St Austell Brewery Banner
 
Solo Coffee Banner
 
Heinz Banner
 
Quorn Banner
 
Heinz Banner
 
Meaningful Vision Banner
 
Mccain Banner
 
Jameson Banner
 
NSF Banner
 
Thatchers Banner
 
HDI Banner
 
UCC Coffee Banner
 
Propel Banner
 
Wireless Social Banner
 
Payments Managed Banner
 
Deliverect Banner
 
Hospitality Rising Banner
 
John Gaunt Banner
 
HGEM Banner
 
Zonal Banners
 
Access Banner
 
Propel Banner
 
Christie & Co Banner
 
Kurve Banner
 
Bristol Syrup Co Banner
 
CACI Banner
 
Sector Banner
 
Airship – Toggle Banner
 
Knorr Headline Banner