REG - Barr(A.G.) PLC - Acquisition of MOMA minority shareholding

A G BarrAnnouncement

20/12/2022 07:00

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RNS Number : 2417K  Barr(A.G.) PLC  20 December 2022

FOR IMMEDIATE RELEASE

 
                        20 December 2022

A.G. BARR p.l.c
("A.G. BARR" or the "Company" or the "Group")

Acquisition of MOMA minority shareholding

A.G. BARR today announces that it has acquired the remaining 38.2% equity
stake in MOMA Foods Limited ("MOMA") from founder Tom Mercer, and the other
minority shareholders, for a total cash consideration of £3.4m.

When A.G. BARR acquired its 61.8% stake in MOMA in December 2021, it entered
into an option deed with Tom Mercer and the other remaining shareholders which
gave it an agreed path to full ownership in the following three years.  A.G
BARR and the remaining MOMA shareholders have agreed to bring forward the
acquisition of the remaining 38.2% equity stake. This will give A.G. BARR full
control of the MOMA business, which will remain a standalone, supported
business unit within the Group.

Roger White, CEO of A.G. BARR, commented: "We are delighted to bring forward
the planned full ownership of the MOMA business.  This allows us to fully
support the MOMA business and brand, such that we can leverage the increased
growth potential sooner than allowed for under the original acquisition
structure.  The completion of the acquisition is a further positive
indication of A.G. BARR's growth ambitions."

As Mr. Mercer is a related party of A.G. BARR (with 46% of the remaining 38.2%
equity), for the purposes of the Listing Rules, his sale to the Company of his
shares in MOMA, under the brought forward acquisition of the remaining equity
stake in MOMA by A.G. BARR (collectively the "MOMA Acquisition"), is a
transaction of the kind covered by LR 11.1.10R. The Company's sponsor has
provided written confirmation that the terms of the MOMA Acquisition are fair
and reasonable insofar as the Company's shareholders are concerned.

For more information, please contact:

 A.G. BARR    0330 390 3900                      Instinctif Partners  020 7457 2020

              Roger White, Chief Executive                            Justine Warren

              Stuart Lorimer, Finance Director                        Matthew Smallwood

 

A copy of this announcement will be available at
(https://www.agbarr.co.uk/investors/results-and-news/regulatory-news/)
https://www.agbarr.co.uk/investors/results-and-news/regulatory-news/
(https://www.agbarr.co.uk/investors/results-and-news/regulatory-news/)

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