Premium Brands Inc. (Toronto: FFF) announced Friday (13 July) that it has concluded its strategic reorganization involving the repurchase by the Company of 2,176,273 shares of Premium Brands held by Saskatchewan Wheat Pool, the offering of 1,805,055 shares by way of a treasury and secondary offering, and the amalgamation of Goodlife Brands Inc. with two wholly-owned subsidiaries of Premium Brands.
The offering, pursuant to a short form prospectus, raised aggregate proceeds of $25 million through the combination of a treasury offering of 892,245 shares and a secondary offering of 912,810 shares. Concurrently with completion of the reorganization, the Corporation completed an $80 million financing with a syndicate of lenders.
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“These transactions simplify our capital and operating structures, diversify our shareholder base, and provide us with the platform we need to build a leading consumer food products company,” said Mr. Fred Knoedler, CEO. “We are very excited about our future. Our focus on specialty food products and on developing alternative distribution channels for those products is providing us with significant top and bottom line growth opportunities,” added Mr. Knoedler.
Premium Brands Inc. is an integrated food processing company headquartered in Richmond, British Columbia. The Corporation manufactures, markets and distributes a variety of branded consumer food products in markets across Canada and the Western United States. Its family of brands includes Fletcher’s, Grimm’s, Torino’s, Harvest, McSweeney’s, Goodlife and Quality Fast Foods.
