Utrecht, 8 March 2010
Wessanen announces an offering of new ordinary shares
* Royal Wessanen N.V. (“Wessanen” or the “Company”) today announces the launch
of an equity offering (the “Offering”) of up to 6,835,910 newly issued ordinary
shares (the “Shares”), representing up to 9.99% of the Company's outstanding
* The Offering will be executed by way of an accelerated bookbuild offering
launched immediately. The book is expected to close on 9 March 2010
* The Shares will be offered to institutional and other qualified investors in
the Netherlands and abroad, on a non pre-emptive basis
* The Company will use the net proceeds of the Offering to strengthen its
balance sheet, thereby providing financial flexibility to carry out its
strategic and operational plans. The Company and its management have agreed
with the Global Coordinator on a lock-up of 180 days following completion of
* The final terms of the Offering, including the final offer price and number
of Shares to be issued, will be announced after closing of the book.
Fortis Bank Nederland is acting as Sole Global Coordinator and Sole Bookrunner
for the Offering.
The placing price and the exact number of Shares placed in the Offering will be
determined on the outcome of an accelerated bookbuild process and will be
announced in a subsequent press release.
The book will open with immediate effect and the closing of the book is
expected tomorrow at 17h30 CET, subject to acceleration or extension.
Application for listing and admission to trading of the Shares on Euronext
Amsterdam by NYSE Euronext will be made. It is currently expected that
settlement of the Offering will take place on 12 March 2010.
Use of proceeds
Wessanen will use the net proceeds of the Offering to strengthen its balance
sheet, thereby providing financial flexibility to carry out its strategic and
operational plans. Such flexibility is desired regarding the timing of the
planned divestment of US based PANOS Brands and the amount and phasing of
advertising and promotional spending during the year.
For more information, please download the complete press release in pdf.
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