FDBusiness.com

Uniq to be 90% Owned By Pension Scheme

 Breaking News
  • UK Grocery Prices Rising at Fastest Rate in Four Years The latest grocery market share figures from Kantar Worldpanel, for the 12 weeks to 5 November 2017, show UK supermarket sales have increased in value by 3.2% year-on-year in the run up to Christmas. Fraser McKevitt, head of retail and consumer insight at Kantar Worldpanel, explains: “Volume sales have increased by less than 1%, meaning it’s [...]...
  • Alcohol Minimum Unit Pricing to Go Ahead in Scotland The UK Supreme Court has ruled that minimum unit pricing for alcohol, which was passed overwhelmingly by the Scottish Parliament in 2012, can now proceed. Scottish Health Secretary Shona Robison has welcomed the decision and confirmed she intends to make a statement to Parliament shortly, setting out the Scottish Government’s next steps. Following the unequivocal backing [...]...
  • GEA Brings Together Technologies to Supply Extended Production Line For BMI GEA has recently been selected to supply an extended pasta filata cheese production line for BMI in Jessen, Germany. With this exemplary project GEA brings together its joint cheese-making expertise, resulting from its acquisition of de Klokslag and CMT in 2014 and 2015 respectively, with GEA’s flow and processing experience to provide a single offering for this [...]...
  • Bosch Packaging Technology Wins German Design Award 2018 The Sigpack VPF (Vertical Platform for Flat Pouches), the first freely scalable flat pouch machine from Bosch, has been honoured with the German Design Award 2018 in the Excellent Product Design category. The German Design Council presents the prestigious award on an annual basis. The German Design Award is the second prestigious accolade for the [...]...
  • Premier Foods Returns to Revenue Growth Premier Foods, the UK convenience food group, has reported group revenue of £353.3 million for the 26 weeks ended 30 September 2017 – an increase of 1.5% on the prior period – with Branded revenue in line with last year at £295.4 million while Non-branded revenue increased by 10.1% to £57.9 million. Group reported half year [...]...

Uniq to be 90% Owned By Pension Scheme

October 22
14:03 2010

Uniq has proposed a solution to its £436m legacy pension deficit which would involve the company’s Pension Scheme becoming the majority shareholder in the UK chilled convenience food processor with a 90% shareholding. The Trustee of the Uniq Pension Scheme and the company have concluded that the most appropriate solution would be to seek approval from both shareholders and the UK Pensions Regulator to implement a deficit for equity swap together with a re-leveraging of the company to fund a partial share buy-back from the pension fund.

Geoff Eaton, chief executive of Uniq.

The proposed solution involves an effective transfer of 90% of the equity in Uniq to the Trustee in exchange for the Pension Scheme giving up its claim on the company. Uniq would also offer the Pension Scheme a put option to sell a proportion of its shares back to the company, at a pre-agreed price per share, for a total consideration of up to £25m to £30m, funded through the cash generated from the proceeds from the disposals of the businesses on the Continent. The final details of these proposals have yet to be agreed with the Trustee. The Pension Regulator rejected an earlier proposal in July.

“The improving performance of our businesses and the proposed final resolution of the legacy pension deficit through the deficit for equity swap will allow us to focus on creating value for the benefit of all our stakeholders including the Pension Scheme as the majority shareholder,” comments Geoff Eaton, chief executive of Uniq.

About Author

colin

colin

Related Articles



Food & Drink Business Conference & Exhibition 2016

Upcoming Events

  • November 28, 2017Fi Europe
  • December 4, 2017Plastics and Paper in Contact with Foodstuffs 2017
  • January 8, 2018RAI Exhibition
  • January 16, 2018Sival Plant Production Trade Show
AEC v1.0.4

find food jobs

The Magazine

F&D Business Preferred Suppliers

New Subscriber





Subscribe Here



Advertisements