THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.
ARYZTA AG's Board has resolved that following a comprehensive review of its capital structure it intends to raise up to €800 million of equity capital to strengthen its capital structure; and provides an update on strategic, operational and financial developments within the business.
ARYZTA plans to raise up to €800 million of equity capital to create the necessary strategic and financial flexibility to implement its business plan
Confirms compliance with its covenants in FY2018
Confirms that Q4 trading was in line with expectations, including meeting EBITDA guidance for FY2018
Project Renew targets to deliver annual cost savings of €90m by FY2021
Seeks amendments to the terms of its Term Loan and Revolving Credit Facility
In addition to the announced capital increase, remains committed to its previously announced €1bn deleveraging plan, comprising at least €450 million of asset disposals and the balance from cash flow generation
Will provide further details, including on the planned capital raising, in conjunction with the FY2018 results on 1 October 2018
ARYZTA has undertaken an in-depth review of its strategy and developed a bottom-up business plan, focused on capitalising on its established, leading positions in the large and growing frozen bakery market globally.
ARYZTA Chief Executive Officer, Kevin Toland, commented:
"A significantly improved capital structure will provide ARYZTA with the means to continue to take the necessary steps to re-position the business and deliver on our strategy. Over the medium-term, we expect to generate significant cash flow which will be applied towards continued net debt reduction and to resource selective growth opportunities."
Aryzta capitaliza actualmente 943 Mill.
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