Tate & Lyle (TATE)

[idpickering]

Proposed Cancellation and Repayment of 6½ per cent. Cumulative Preference Shares.

Tate & Lyle is proposing to reduce its share capital through the cancellation and repayment of its 6½ per cent. cumulative preference shares (the " Preference Shares " and the " Reduction ", respectively). The Reduction will require the approval of Tate & Lyle's shareholders, as well as confirmation by the High Court.

In connection with the Reduction, Tate & Lyle expects to return £1.00 per Preference Share (being the nominal value of, and amount paid-up on, each Preference Share) together with all arrears and/or accruals of the fixed cumulative dividend to the date of the repayment. This amount corresponds with the entitlement of holders of Preference Shares under Tate & Lyle's articles of association. Such amount is expected to include the full accrued entitlement to the 3.25 per cent. dividend on the Preference Shares that is payable on 30 September 2022 to holders of Preference Shares as at the relevant record date.

As at the close of business on 14 June 2022, Tate & Lyle had in issue 2,394,000 Preference Shares. The Preference Shares are considered by the Board to be surplus to Tate & Lyle's requirements. The costs of administering the Preference Shares and maintenance of the register are disproportionate to the value of the Preference Shares as capital of Tate & Lyle and they are also an inefficient form of finance in the current environment.

The Preference Shares are admitted to the premium segment of the Official List and to trading on the London Stock Exchange's main market for listed securities with ISIN number GB0008754466. The terms of the Preference Shares are set out in Tate & Lyle's articles of association.

Expected procedure

As noted above, the Reduction (and certain related matters) is subject to the approval of the holders of Preference Shares and ordinary shares in the capital of Tate & Lyle, jointly by way of special resolution, at a general meeting of Tate & Lyle's shareholders, as well as confirmation by the High Court.

The requisite shareholder approvals are expected to be sought at Tate & Lyle's 2022 annual general meeting. If the requisite resolutions are duly passed by Tate & Lyle's shareholders at such meeting, it will be necessary for an application to be made to the High Court for confirmation of the Reduction in order to implement the cancellation of the Preferences Shares. Assuming that the High Court confirms the Reduction and the Reduction becomes effective, repayment of amounts due to holders would then be made. The listing of the Preference Shares on the London Stock Exchange would also be cancelled.

https://www.investegate.co.uk/tate---38 ... 00028879O/

Ian.

[idpickering]

Further to my post above;

Cancellation and repayment of 6½ per cent. cumulative preference shares approved by Court.

Further to the announcements made on 15 June 2022 and 28 July 2022, Tate & Lyle is pleased to announce that the High Court has today approved the proposed reduction of the Company's share capital through the cancellation and repayment of its 6½ per cent. cumulative preference shares (the " Preference Shares " and the " Reduction ", respectively).

The Reduction will become effective upon the order of the High Court being registered by the Registrar of Companies, which is expected to take place between 21 September 2022 and 30 September 2022. Tate & Lyle will also be making applications to the Financial Conduct Authority and the London Stock Exchange for:

· the suspension of the listing of the Preference Shares on the Standard Segment of the Official List maintained by the Financial Conduct Authority and to trading on the Main Market of the London Stock Exchange with effect from 7.30 a.m. on 20 September 2022; and

· the subsequent cancellation of the listing of the Preference Shares on the Standard Segment of the Official List maintained by the Financial Conduct Authority and to trading on the Main Market of the London Stock Exchange shortly after the Reduction has become effective.

Assuming that the Reduction becomes effective, repayments of amounts due to holders of Preference Shares would then be made.

https://www.investegate.co.uk/tate---38 ... 00043166Z/

Ian.

[idpickering]

Half year results for the six months to 30 September 2022.

HEADLINES

· Strong first half performance with Group revenue +20% and adjusted operating profit +29%

· Good progress delivering growth strategy as newly focused speciality food and beverage solutions business:

− Food & Beverage Solutions revenue +21% including inflation price-through and mix management

− New Products revenue +19% benefiting from focus on innovation and customer collaboration

− Integration of Quantum Hi-Tech acquisition, a leading dietary fibre business in China, progressing well

· Managing impact of cost inflation through strategic mix management, pricing, productivity and cost discipline

· Adjusted profit before tax1 +10% with strong Tate & Lyle and significantly lower Primient joint venture profits

· Strong balance sheet and cash delivery underpins investment for growth and progressive dividend policy

· Outlook for year to 31 March 2023 - adjusted profit before tax to be in-line with current market expectations

And later;

Dividends on ordinary shares

The Directors have declared an interim dividend of 5.4p per share for the six months to 30 September 2022 (six months to
30 September 2021 - 9.0p per share), payable on 4 January 2023.

The final dividend for the year to 31 March 2022 of £51 million, representing 12.8p per share, was paid during the six months to
30 September 2022.

In addition, on 16 May 2022, the Group returned £497 million to ordinary shareholders by way of a special dividend of £1.07 per existing ordinary share in the capital of Tate & Lyle PLC. In order to maintain the comparability, so far as possible, of Tate & Lyle PLC's share price before and after the special dividend, the Group also completed 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 held.

https://www.investegate.co.uk/tate---38 ... 00069042F/

Ian.

[idpickering]

Trading Statement.

Headlines.

· Third quarter trading consistent with first half of the financial year

· Food & Beverage Solutions top-line momentum continues with revenue up 19%

· Positive outcome from the 2023 calendar year pricing round

· Outlook for the year ending 31 March 2023 unchanged

Nick Hampton, Chief Executive said:

"Tate & Lyle continues to perform well with Food & Beverage Solutions delivering another strong quarter of double-digit revenue growth. We have successfully renewed 2023 calendar year customer contracts to recover higher input costs and, despite ongoing economic uncertainty, we continue to deliver against our strategy as a growth-focused speciality food and beverage solutions business."

https://www.investegate.co.uk/tate---38 ... 00058918N/

Ian.

[idpickering]

Tate & Lyle Capital Markets Event.

Tate & Lyle PLC (Tate & Lyle) is today hosting a Capital Markets event for investors and analysts.

The event will focus on the Group's strategy, business model, portfolio, markets, and science-led approach which puts it at the centre of the future of food. The event will be hosted by Nick Hampton, Chief Executive, Dawn Allen, Chief Financial Officer, alongside other members of the Tate & Lyle senior management team.

Nick Hampton, Chief Executive said:

"Over the last five years, Tate & Lyle has been transformed into a growth-focused speciality food and beverage solutions business. A global leader in sweetening, mouthfeel and fortification, Tate & Lyle creates high-value speciality ingredients and solutions that meet growing global demand for healthier and tastier food and drink.

At today's event we look forward to outlining the large and attractive markets we operate in, our portfolio of highly functional speciality ingredients that directly address growing consumer trends, our scientific and solutions capabilities, how we work with customers, and our purpose-driven approach fueling our new focus on 'Science, Solutions, Society'."

Performance ambition for the five years ending 31 March 2028

Today, Tate & Lyle is announcing an updated organic performance ambition for the five years ending 31 March 2028 to deliver:

• Revenue growth of 4% to 6% per annum, underpinned by high single digit Food & Beverage Solutions growth per annum

• EBITDA growth of 7% to 9% per annum

• Return on capital employed improvement of up to 50 basis points per annum on average.

• A new target to deliver US$100 million of cumulative productivity benefits

https://www.investegate.co.uk/tate---38 ... 00042128P/

Ian (No holding).

[Bouleversee]

s.p. up over 3% today but still some way to go to get back to previous high.

I wonder why sugar is still marketed under their name when they no longer make it. Many/most people seem to be unaware they sold that business.

I still hold in certificated form and am wondering whether to transfer to ISA now that tax allowances aren't so good. Any views?

[tjh290633]

s.p. up over 3% today but still some way to go to get back to previous high.

I wonder why sugar is still marketed under their name when they no longer make it. Many/most people seem to be unaware they sold that business.

I still hold in certificated form and am wondering whether to transfer to ISA now that tax allowances aren't so good. Any views?

Lorna, my view is that if you can make use of your annual ISA entitlement, it would be foolish not to do so as long as you have unsheltered holdings.

TJH

[Bouleversee]

Thanks, Terry. I meant views on whether TATE were worth transferring or whether there were better things to do with the money, I certainly want to reduce or eliminate my non-ISA holdings now that allowances have been reduced. I actually have quite a lot of accumulated dividends in my ISA and haven't used the allowance for the last few years. I have too much on my plate now to keep track of my idiotically large number of holdings, some of which are now worth peanuts, and whereas it used to be one of my favourites I no longer have a feel for which way it is going. I was rather peeved when it paid a large dividend (taxable in my case) accompanied by consolidation. I might even just put the proceeds into a cash ISA if there are any decent rates going or just gift it or spend it on things that need doing in the house and garden.

I gifted a chunk of my TATE to grandchildren some years ago and they have now opened ISAs or JISAs so again it is a question of whether to transfer TATE or sell and buy something else. With everything so unstable it is very difficult know what is the safest thing to do. Much easier to lose money than make it. I need to simplify my affairs as my children don't seem to have the time or inclination to manage investments either and putting a large chunk into SMT wasn't well timed either.

[idpickering]

RESTATEMENT OF PRIOR YEAR FINANCIAL INFORMATION FOR ADOPTION OF SIMPLIFIED OPERATING SEGMENTS

Introduction

On 8 February 2023, Tate & Lyle PLC ('Tate & Lyle' or the 'Group') announced it would be simplifying its disclosure framework, with the Group's core operations moving to three operating segments: Food & Beverage Solutions; Sucralose; and Primary Products Europe. These segments reflect the new shape of the Group.

There are three areas of disclosure simplification: firstly, the disaggregation of Food & Beverage Solutions and Primary Products Europe, making each a separate operating segment to improve transparency and clearly highlight the performance of each. Secondly, that Central costs will no longer be reported separately and finally, the Group's primary profit measure will now become adjusted earnings before interest, tax, depreciation and amortisation ('Adjusted EBITDA').

In advance of the publication on 25 May 2023 of Tate & Lyle's results for the year ended 31 March 2023, this announcement is being made to provide details of the framework under which the future results of Tate & Lyle will be reported and also set out the restated comparative information for the year ended 31 March 2022 and the six months to 30 September 2022.

https://www.investegate.co.uk/tate---38 ... 00012123V/

Ian.

[idpickering]

Results for the year ended 31 March 2023.

Full-year highlights

Group: Strong financial performance across all key measures

· Revenue growth +18%: +19% in Food & Beverage Solutions (FBS)

· Adjusted EBITDA +22%: inflation offset by mix management, pricing, productivity savings and cost discipline

· Adjusted profit before tax +13%: strong FBS performance and materially lower profits from Primient

· Return on capital employed of 17.5%, improved by 100 bps

· Free cash flow1 £119m, £47m higher reflecting strong cash conversion

· Strong balance sheet supports investment in growth, net debt to EBITDA ratio 0.7x

· Recommending increase in final dividend of 2.5% to 13.1p per share; full-year dividend of 18.5p per share

And later;

The Directors propose a final dividend for the financial year of 13.1p per ordinary share that, subject to approval by shareholders, will be paid on 2 August 2023 to shareholders who are on the Register of Members on 23 June 2023. Based on the number of ordinary shares outstanding at 31 March 2023, the final dividend for the financial year is expected to amount to £52 million.

https://www.investegate.co.uk/announcement/7542020

Ian (No holding).

[Steveam]

Thx for posting this - I had missed it.

These results look rather good. Nothing to complain about except that the dividend only rises by 2.5% - everything else looks very good.

Best wishes, Steve

(I hold)

[idpickering]

Directorate Change.

Tate & Lyle PLC (Tate & Lyle) announces that Dr Gerry Murphy has decided to step down as Chair of the Board of Tate & Lyle, a position he has held for more than six years to take up the position of Chair of the Board of Tesco plc. Dr Murphy will remain Chair of Tate & Lyle until 1 September 2023.

The Board has begun a process to appoint a successor to Dr Murphy. Mr Paul Forman, Senior Independent Director, is leading this process and a further announcement will be made in due course.

As previously announced, Mr Forman was due to retire from the Tate & Lyle Board at the AGM on 27 July 2023. In light of Dr Murphy's decision, Mr Forman will continue as a non-executive director and as Senior Independent Director to allow time to complete the search process. The Board will therefore propose an additional resolution at the AGM in respect of Mr Forman's annual re-election as a non-executive director, in accordance with applicable corporate governance guidance. When the search for a new Chair has been concluded, Mr Forman will retire from the Board and Kim Nelson will take up the position of Senior Independent Director, as previously announced.

Pending the appointment of a new Chair, the Board has appointed Warren Tucker as Interim Chair of Tate & Lyle from 1 September 2023. Warren is currently Chair of the Audit Committee and will continue in this role during this interim period.

https://www.investegate.co.uk/announcem ... ge/7608517

Ian (No holding).

[idpickering]

Directorate Change.

Tate & Lyle PLC (Tate & Lyle) is pleased to announce the appointment of David Hearn as a Director and Chair of the Board of Tate & Lyle from 1 January 2024. On appointment, he will also become Chair of the Nominations Committee.

David Hearn is a highly experienced Chair both of listed companies and privately owned businesses. He currently serves as Chair of Safestore Holdings plc and is also Chair of The a2 Milk Company, a company listed on the New Zealand and Australian Stock Exchanges, a position he will step down from on 16 November 2023. He is a non-executive director of Lovat Partners Ltd.

In a career spanning more than 40 years, David has held senior roles in a number of global businesses, including in the food and beverage industry with Del Monte, PepsiCo and United Biscuits. David served as Chief Executive Officer (CEO) of Goodman Fielder, a listed Australian food business, from 1995 to 2001 and also as CEO of Cordiant Group plc in the US from 2001 to 2003. In 2005, he was appointed CEO of Committed Capital, an international private equity and advisory firm based in London and Sydney, for whom he acted as Chair of a wide range of portfolio businesses over a twelve-year period.

https://www.investegate.co.uk/announcem ... ge/7866954

Ian (No holding).

[idpickering]

Half-year results for the six months to 30 September 2023

​

Key highlights

· Revenue growth +4%, with Food & Beverage Solutions (FBS) +5%

· Adjusted EBITDA +7%, driven by mix management, pricing, productivity and cost discipline

· Adjusted profit before tax +16%, strong FBS growth, increased Primient share of profit, lower finance charges

· Free cash flow1 £77m, £15m higher reflecting cash conversion of 69%, 14ppts higher

· Investment in innovation and solution selling 11% higher

· Solutions new business wins by value up 4ppts to 22% of pipeline

· Major investment underway in new capacity for dietary fibres at manufacturing facility in Slovakia

· 0.8p increase in interim dividend, up to 6.2p per share; reflecting one third of prior year full-year dividend

Dividends on ordinary shares

The Directors have declared an interim dividend of 6.2p per share for the six months to 30 September 2023 (six months to
30 September 2022 - 5.4p per share), payable on 5 January 2024.

https://www.investegate.co.uk/announcem ... rt/7869762

Ian.

[idpickering]

Trading Statement

Tate & Lyle issues the following trading statement for the three months ended 31 December 2023.

Headlines

· Resilient performance and continued good strategic progress

· EBITDA guidance for year ending 31 March 2024 unchanged

· Revenue 4% lower, mainly due to softer demand and phasing of orders into the fourth quarter

· 2024 calendar year customer contracts expected to deliver a return to volume growth

https://www.investegate.co.uk/announcem ... nt/8047694

Ian (No holding).