Total Produce announces €20m buyback
Published 09/10/2015 | 02:30
Total Produce, an Irish fresh produce company, has announced a €20m share buy-back programme after posting strong H1 results.
The company is actively pursuing investment opportunities and has already acquired a 50pc shareholding in the CAD$170m (€115m) sales Gambles Group, based in Toronto. The buy-back programme is the equivalent of 16 million ordinary shares of nominal value of €0.01, based on the October 7 close price of €1.25.
The programme, which is being managed by Davy, is to start today, and will continue until the necessary number of shares has been purchased.
Total Produce reported very strong H1 results as the company's sales jumped by 10pc to over €1.7bn.
The company's profit after tax also remained constant at €24.2m.
Davy Stockbrokers is to purchase the stock in accordance with the terms of the general authority granted to the company by shareholders at the company's AGM in May.