Retailer Foodland has announced a delay in documents needed to complete the process of its demerger and sale to Woolworths and Metcash.
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“The completion timetable and issue of the scheme booklet will be delayed,” Foodland said in an announcement to the financial markets. “The booklet provides the information necessary for shareholders to vote on the demerger and the sale of FAL’s New Zealand and Australian businesses to Woolworth’s and Metcash.”
“The scheme documents are required to include the latest financial information from each of Woolworths and Metcash in accordance with their reporting periods,” it said. “In addition, the complex nature of the tripartite transaction has required preparation and agreement on a significant amount of documentation and information.”
“Taking into account the above and with the objective of ensuring that shareholders are properly informed, FAL expects that the final scheme booklet will now be in a form to be available to shareholders in late August, with printing and dispatch in early September and the shareholder meetings being in early October.”
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