UK: S Daniels recommends that shareholders approve SFI investment deal
British food group S Daniels has recommended at its extraordinary meeting today that its shareholders support a plan to raise new equity capital of more than £10m from Singapore Food Industries (SFI). The money will be raised by the sale to SFI of 44.4m shares, a 26% stake in Daniels, a deal which was originally announced last month. By underwriting an open offer of 5.58m shares, or 3.3% of the capital, SFI will be investing in total up to £10.5m for a stake of up to 29.9% and the ability to nominate two non-executive directors.
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