Tate & Lyle (TATE)

[idpickering]

Tate & Lyle to acquire leading dietary fibre business in China.

Tate & Lyle PLC (Tate & Lyle), a leading global provider of food and beverage ingredients and solutions, announces that it has signed an agreement to acquire Quantum Hi-Tech (Guangdong) Biological Co., Ltd (Quantum), a leading prebiotic dietary fibre business in China from ChemPartner Pharmatech Co., Ltd (ChemPartner) for a total consideration of US$237 million.

Key highlights:

· Fully aligned to strategy to become growth-focused food and beverage solutions business

· Strengthens position as a leading global player in fast-growing global dietary fibres market

· Adds new, speciality and complementary products to portfolio

· Brings strong R&D expertise with proprietary manufacturing processes and technologies

· Strengthens fortification platform and enhances integrated solutions capabilities

· Significantly extends presence and customer offering in China and Asia

· Expected to be accretive to revenue growth and EBITDA margin in first year of ownership

· Completion expected in the second quarter of 2022 calendar year.

Quantum engages in the research, development, production and sale of fructo-oligosaccharides (FOS) and galacto-oligosaccharides (GOS). Together, FOS (from sucrose) and GOS ( from milk sugar/lactose) represent around 25%2 of the global dietary fibres market which is forecast to grow at around 6% per annum3. In China, which currently represents the majority of Quantum's sales, the FOS and GOS market is forecast to grow at around 10% per annum3.

https://www.investegate.co.uk/tate---38 ... 00066742G/

[Steveam]

Does anyone know what has happened/is happening with this …

Proposed sale of a controlling stake in Tate & Lyle's
Primary Products business to KPS Capital Partners, LP

[idpickering]

Does anyone know what has happened/is happening with this …

Proposed sale of a controlling stake in Tate & Lyle's
Primary Products business to KPS Capital Partners, LP

Not sure about this tbh. The last I heard about such a thing was this, issued on 21 Oct 21;

RESTATEMENT OF PRIOR YEAR FINANCIAL INFORMATION FOR THE SHAREHOLDER APPROVED SALE OF A CONTROLLING STAKE IN THE PRIMARY PRODUCTS BUSINESS ("NewCo")

On 12 July 2021, Tate & Lyle announced that it had entered into an agreement to sell a controlling stake in a new company ("NewCo") and its subsidiaries which will hold Tate & Lyle's Primary Products business in North America and Latin America and its interests in the Almidones Mexicanos S.A de C.V ("Almex") and DuPont Tate & Lyle Bio-Products Company, LLC ("Bi-PDO") joint ventures (together, the "NewCo Business"), to Gemini Holdings, LP (the "Purchaser") an affiliate of funds managed by KPS Capital Partners, LP ( together with the Purchaser and their affiliates, "KPS") (altogether, the "Transaction"). Under the terms of the Transaction, Tate & Lyle will continue to hold a 49.9% interest in NewCo and will benefit from potential value creation in the NewCo Business in the future.

On 30 September 2021 Tate & Lyle ordinary shareholders voted to approve the transaction, with 99.9% of the shares that voted voting in favour of the Transaction.

In advance of the publication on 4 November 2021 of Tate & Lyle's half-year results for the six months ended 30 September 2021, and to assist with understanding the accounting impact of the Transaction, this announcement is being made to provide details of the framework under which the future results of Tate & Lyle will be reported and set out the restated comparative information for the six months to 30 September 2020 and the year ended 31 March 2021.

https://www.investegate.co.uk/tate---38 ... 45028647P/

Ian.

[torata]

Does anyone know what has happened/is happening with this …

Proposed sale of a controlling stake in Tate & Lyle's
Primary Products business to KPS Capital Partners, LP

From the T&L website

Transaction update
We remain on course to complete the sale of a controlling stake in our Primary Products business in
the Americas at the end of March 2022.
As previously announced, following completion we intend to return approximately £500 million to
ordinary shareholders by way of a special dividend with an associated share consolidation, subject to
shareholder approval. We expect to announce the timing of this shortly after completion.
Tate & Lyle’s results for the year ended 31 March 2022 will be announced on Thursday 9 June 2022.

torata

[idpickering]

Disposal completion.

Further to the announcement of 12 July 2021, Tate & Lyle announces that on 1 April 2022 it completed the sale of a controlling stake in a new company and its subsidiaries (previously referred to as NewCo, now called "Primient"), comprising its Primary Products business in North America and Latin America and its interests in the Almidones Mexicanos S.A de C.V and DuPont Tate & Lyle Bio-Products Company, LLC joint ventures, to KPS Capital Partners, LP ("KPS"). KPS now holds a 50.1% interest in Primient and has Board and operational control. Tate & Lyle now holds a 49.9% interest in Primient.

And later;

£500 million special dividend and share consolidation

As previously announced and reflecting its strong balance sheet, Tate & Lyle intends to return approximately £500 million to ordinary shareholders by way of a special dividend, with an associated share consolidation. The special dividend and associated share consolidation will be subject to the approval of Tate & Lyle's shareholders. A circular containing details of the special dividend and share consolidation, as well as a notice convening a general meeting of shareholders and details of the resolutions to be considered at that general meeting, is expected to be published shortly. If approved by shareholders, the special dividend is expected to be paid in the second quarter of the calendar year.

https://www.investegate.co.uk/tate---38 ... 15090033H/

[Steveam]

So "special" should be about £1.06 (round down to £1.00) per share payable in Q2.

Best wishes,

Steve

[absolutezero]

I hate these share consolidations.
A bugger for CGT calculations.
Maybe time to sell and possibly buy back later.

[Bouleversee]

I agree. Why should they be be taxed as divided income if we are only getting some of our capital back? Unfortunately, mine are not in an ISA and I have forgotten how to deal with these on my tax return.

[absolutezero]

I agree. Why should they be be taxed as divided income if we are only getting some of our capital back? Unfortunately, mine are not in an ISA and I have forgotten how to deal with these on my tax return.

All dividends are returns of your own capital! - hence why I moved from HYP based investing to a more growth based strategy.
Don't give me back my own capital, make more for me instead!
I'm probably about 60/40 HYP/other now.

Anyway, back on to TATE.
My bugbear is having to work out the cost of my reduced shareholding after the consolidation.
The directors could just keep the same number of shares in issue and allow the share price to drop rather than doing this silly financial engineering.

[idpickering]

Circular re. special dividend and share consolidation.

Tate & Lyle is pleased to announce that, following the announcement on 1 April 2022 of the completion of the sale of a controlling stake in a new company (previously referred to as NewCo, now called "Primient") and its subsidiaries, comprising its Primary Products business in North America and Latin America and its interests in the Almidones Mexicanos S.A de C.V and DuPont Tate & Lyle Bio-Products Company, LLC joint ventures, to KPS Capital Partners, LP, a circular setting out the full details of the proposed Special Dividend and associated Share Consolidation and related matters (the "Circular") has been published today.

The Circular confirms that, in line with previous announcements, Tate & Lyle intends to return approximately £500 million to Ordinary Shareholders by way of a proposed Special Dividend of £1.07 per Existing Ordinary Share in the capital of Tate & Lyle. In addition, in order to maintain the comparability, so far as possible, of Tate & Lyle's share price before and after the Special Dividend, it is proposed that the Special Dividend be accompanied by a Share Consolidation resulting in Ordinary Shareholders receiving six New Ordinary Shares with a nominal value of 29 1 /6 pence each for every seven Existing Ordinary Shares that they hold.

The Circular contains further details of these matters as well as a notice convening a General Meeting of Shareholders to be held at The Hilton on Park Lane Hotel, 22 Park Lane, London W1K 1BE at 3.00 p.m. (London time) on 26 April 2022.

Special Dividend

Assuming that the conditions described below are satisfied, the Board is proposing to pay the Special Dividend in pounds sterling to Ordinary Shareholders on the Register as at 6.00 p.m. (London time) on 29 April 2022. The Special Dividend is expected to be paid to such Ordinary Shareholders on 16 May 2022.

An equivalent amount in US dollars is expected to be paid to ADR Holders on the ADR register as at 5.00 p.m. (New York time) on 19 May 2022. Cheques for the payment of such amount are expected to be despatched on or around 31 May 2022.

The Special Dividend is subject to the approval of the Ordinary Shareholders at the General Meeting. It is also conditional on: (i) the approval by the Shareholders of the Share Consolidation; and (ii) Admission in respect of the New Ordinary Shares taking place by or as soon as practicable after 8.00 a.m. (London time) on 3 May 2022.

Share Consolidation

Assuming that the conditions described below are satisfied, the effect of the Share Consolidation will be to reduce the number of Ordinary Shares in issue by approximately the same percentage of the market capitalisation as is proposed to be returned via the Special Dividend. Therefore, the market price of each Ordinary Share in Tate & Lyle is intended to remain at a broadly similar level following the Special Dividend and the Share Consolidation.

As all Existing Ordinary Shares will be consolidated, while each Ordinary Shareholder will hold fewer Ordinary Shares following the Share Consolidation, each Ordinary Shareholder will still hold the same proportion of Tate & Lyle's Ordinary Share capital (i.e. the total number of Ordinary Shares in issue) as before and after the Share Consolidation (subject to any fractional entitlements, which will be dealt with in the manner described in the Circular). Although the New Ordinary Shares will have a different nominal value (being 29 1 /6 pence each) to the Existing Ordinary Shares, they will be traded on the London Stock Exchange in the same way as the Existing Ordinary Shares and will carry the same rights under the Articles to the Existing Ordinary Shares. The Share Consolidation will apply to Ordinary Shareholders on the Register as at 6.00 p.m. (London time) on 29 April 2022.

As a result of the Share Consolidation, for each existing ADR held on the ADR register at 5.00 p.m. (New York time) on 19 May 2022, holders will, upon cancellation of their existing ADRs, be issued and receive new ADRs in the ratio of six new ADRs to replace every seven existing ADRs (to be distributed in accordance with the Deposit Agreement after giving effect to the fees and expenses provided for therein).

The Share Consolidation is subject to the approval of Shareholders at the General Meeting. It is also conditional on: (i) the approval of the Ordinary Shareholders of the Special Dividend; and (ii) Admission in respect of the New Ordinary Shares taking place by or as soon as practicable after 8.00 a.m. (London time) on 3 May 2022.

https://www.investegate.co.uk/tate---38 ... 00006306H/

[triatharoo]

I see that this was approved on Tuesday:

https://www.investegate.co.uk/tate---lyle-plc/rns/result-of-meeting/202204261600044194J/

[idpickering]

Listing and Trading Application.

Further to the circular to shareholders published on 7 April 2022 (the "Circular") and the announcement published on 26 April 2022, in connection with the Special Dividend and associated Share Consolidation, Tate & Lyle announces that application has been made to the Financial Conduct Authority for a total of 401,603,808 ordinary shares of 29 1/6 pence each (the "New Ordinary Shares") to be admitted to the premium segment of the Official List and for the New Ordinary Shares to be admitted to trading on the London Stock Exchange's main market for listed securities. Although the New Ordinary Shares will have a different nominal value (being 29 1/6 pence each) to the Existing Ordinary Shares, they will be traded on the London Stock Exchange in the same way as the Existing Ordinary Shares and will carry the same rights under the Articles to the Existing Ordinary Shares.

It is expected that dealings in the New Ordinary Shares will commence at 8.00 a.m. on 3 May 2022.

The ISIN for the New Ordinary Shares is GB00BP92CJ43.

https://www.investegate.co.uk/tate---38 ... 15079302J/

[Bouleversee]

When are we likely to get the dividend?

[monabri]

When are we likely to get the dividend?

Paid 16th May

107 pence.

https://www.dividenddata.co.uk/dividend ... ?epic=TATE


"Special Dividend

Assuming that the conditions described below are satisfied, the Board is proposing to pay the Special Dividend in pounds sterling to Ordinary Shareholders on the Register as at 6.00 p.m. (London time) on 29 April 2022. The Special Dividend is expected to be paid to such Ordinary Shareholders on 16 May 2022."

( I don't hold TATE shares).

[idpickering]

Share Consolidation Effective and Total Voting Rights.

Further to the announcement made by Tate & Lyle on 26 April 2022 that shareholder approval was granted at the General Meeting for the Special Dividend and associated Share Consolidation, Tate & Lyle is pleased to announce that the Share Consolidation has today become effective.

Admission of Tate & Lyle's New Ordinary Shares to the premium listing segment of the Official List of the Financial Conduct Authority and to trading on the London Stock Exchange's Main Market for listed securities took place at 8.00 a.m. today.

The ISIN for the New Ordinary Shares is GB00BP92CJ43.

As a result of the Share Consolidation and in accordance with the requirements of the FCA's Disclosure Guidance and Transparency Rule 5.6.1A, Tate & Lyle's issued share capital as at 8.00 a.m. on 3 May 2022 consisted of 401,603,808 ordinary shares of 29 1 /6 pence each and 2,394,000 preference shares of £1.00 each, which have limited voting rights. Tate & Lyle does not hold any shares in treasury. Therefore, the total number of shares with full voting rights in Tate & Lyle as at 8.00 a.m. on 3 May 2022 was 401,603,808.

The above figure may be used by shareholders and others with notification obligations as their denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Tate & Lyle under the FCA's Disclosure Guidance and Transparency Rules.

https://www.investegate.co.uk/tate---38 ... 01010657K/

[WrongLicence388]

Anyone hold TATE in a Barclays S&S ISA, and if so, has your special been paid? I was expecting it on 16/05/22 and alas I have not received it. However I have received in my iWeb account!

C.

[kenko92]

Me too!
I have phoned Barclays and got the usual guff about reconcilliation needed.

[Bouleversee]

Me too!
I have phoned Barclays and got the usual guff about reconcilliation needed.

Between them and their customers?

[idpickering]

Full year results for the year ended 31 March 2022.

https://www.investegate.co.uk/tate---38 ... 00042398O/

Ian.

[idpickering]

Tate & Lyle completes acquisition of dietary fibre business in China.

Tate & Lyle PLC (Tate & Lyle), a leading global provider of food and beverage ingredients and solutions, announces that it has today completed the acquisition of Quantum Hi-Tech (Guangdong) Biological Co., Ltd (Quantum), a leading prebiotic dietary fibre business located in China . The signing of a conditional agreement for this acquisition was announced on 31 March 2022.

https://www.investegate.co.uk/tate---38 ... 06372932O/

Ian.