Advertise with fastmoving.co.za
 
 

The company issues the statement ahead of shareholder meeting, called to vote on a proposed takeover and delisting.
The company issues the statement ahead of shareholder meeting, called to vote on a proposed takeover and delisting.

Sovereign contains outbreak of bird flu

FMCG SUPPLIER NEWS

By Ann Crotty - Oct 9th, 10:10

An avian influenza outbreak at a Sovereign Foods facility had been contained to the layer house where it was initially identified, the poultry producer told shareholders on Friday. 

The company issued a statement on the JSE news service ahead of Monday’s shareholder meeting, called to vote on a proposed takeover and delisting.

On September 14, the company informed shareholders it had detected bird flu at a single layer house on a farm that forms part of its Uitenhage operations.

The announcement prompted Country Bird Holdings to announce that it would not renew its R9-a-share offer for control of Sovereign. The avian influenza news came just weeks after Capitalworks, in conjunction with the Sovereign board and management, launched a R12-a-share bid for control of the company.

On Monday, shareholders will vote on the offer, which will result in the company being delisted if it secures acceptance from at least 50% of shareholders.

If enough shareholders vote for the scheme the company will be delisted on November 15.

Country Bird Holdings has indicated it will accept the R12-a-share offer as it does not want to retain a significant holding in an unlisted entity.
© BusinessLIVE MMXVII 

Read more about: sovereign food | poultry | cbh | capitalworks

Related News

Astral Foods share rises after trading statement predicts doubled earnings
16/10/2017 - 13:10
Poultry producer Astral Foods expects to report doubled earnings thanks to higher prices and no further bird flu outbreaks.

Astral sharpens its focus on poultry operations
04/10/2017 - 10:26
Southern African integrated poultry producer Astral Foods is ridding itself of a noncore asset in an effort to sharpen its focus on its poultry business.

Investors agree to sell 54.37% of Sovereign Foods’ shares to Capitalworks
27/09/2017 - 12:02
Investors holding 54.37% of poultry group Sovereign Food Investments’ shares have voted in favour of the general offer by Capitalworks Private Equity to buy them at R12 each, Sovereign said on Tuesday.

Revised business plan pays off at RCL
30/08/2017 - 13:32
RCL Foods, which owns several leading brands, is expecting a pluckier performance from its struggling poultry business.

US Agoa poultry exporters struggle with SA’s empowerment provisos
30/08/2017 - 10:37
US poultry producers nearly reached their full 65,000 ton quota of exports to SA under the Africa Growth and Opportunity Act (Agoa) in the year to end-March.