LONDON, UK: A.G. BARR has acquired the remaining 38.2% fairness stake in MOMA Foods Limited from founder Tom Mercer, and the opposite minority shareholders, for a complete money 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 opposite remaining shareholders which gave it an agreed path to full possession inside the next three years.
A.G BARR and the remaining MOMA shareholders have agreed to bring ahead the acquisition of the remaining 38.2% fairness stake. This will give A.G. BARR full management of the MOMA business, which will stay a standalone, supported enterprise unit inside the Group.
Roger White, CEO of A.G. BARR, commented: “We are delighted to bring ahead the deliberate full possession of the MOMA business. This permits us to fully support the MOMA enterprise and brand, such that we can leverage the elevated growth potential sooner than allowed for under the unique acquisition structure. The completion of the acquisition is a additional positive indication of A.G. BARR’s growth ambitions.”
As Mr. Mercer is a associated party of A.G. BARR (with 46% of the remaining 38.2% equity), for the needs of the Listing Rules, his sale to the Company of his shares in MOMA, under the introduced ahead acquisition of the remaining fairness 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 affirmation that the phrases of the MOMA Acquisition are fair and reasonable insofar because the Company’s shareholders are concerned.