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COMPANY ANNOUNCEMENT: The Farsons Business Park Project and Reorganisation of Corporate Structure 17/09/2014

 

The following is a Company Announcement by Simonds Farsons Cisk p.l.c. pursuant to the Malta Financial Services Authority Listing Rule 5.13.

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In the Company Announcement dated 18th June 2014, the company stated that an initial proposal of a master plan for the Farsons Business Park project had been submitted to the Board for its consideration.  A number of meetings with the authorities, advisors and various stakeholders have been held, and further technical studies have since been undertaken. 

At today’s board meeting, the Board of Directors has approved a concept and design budget for the initial phases of the development.  It is expected that this work will be finalized in the middle of next year. 

The Board believes that it would then be the appropriate time to seek to commence the implementation of the re-organisation of the corporate structure of the Farsons Group, and to ‘spin-off’ (pro-rata to then existing shareholders) the Group’s property interests (other than those properties which will continue to be used in the core beverage business) from the other business activities into a separate and distinct p.l.c.  It is believed that the proposed ‘spin-off’ will serve to enhance shareholder value. 

It is anticipated that an extraordinary shareholders’ meeting will be convened to consider this proposed re-organisation in the last quarter of 2015.

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Kenneth C. Pullicino

f/Antoinette Caruana - Company Secretary