ForFarmers announces public stock exchange listing
Approval was granted for the second quarter of 2016
During the ForFarmers B.V. ("ForFarmers") Annual General Meeting of Shareholders on April 15, approval was granted by 99.9% of the votes cast to the proposed admission to the trading of all regular shares in the capital of ForFarmers on Euronext Amsterdam. The Members Council of the majority shareholder in ForFarmers, Coöperatie FromFarmers U.A. ("Coöperatie FromFarmers, the Cooperative"), unanimously supported this proposal. ForFarmers intends, subject to any unforeseen circumstances, to have the listing on Euronext Amsterdam take place in the second quarter of 2016.
ForFarmers is a leading, international enterprise in animal feed for the agricultural sector. The enterprise develops and manufactures innovative and sustainable feed solutions for livestock farming and is a market leader in Europe.
"This is a historic moment for ForFarmers,” says Yoram Knoop ForFarmers CEO. “We are delighted that such a solid mandate was granted for listing on Euronext Amsterdam. This indicates that the members of Coöperatie FromFarmers, as well as the other shareholders, are confident in the ambition that ForFarmers has for expanding further into the leading animal feed company in Europe. We view a public stock exchange listing as a logical step in the development of ForFarmers. As an enterprise listed on the stock exchange, we will continue to communicate transparently to all the interested parties about the implementation of our Horizon 2020 strategy. The agricultural sector is a progressive one and has an important role in the issue of how to feed a growing world population in a sustainable manner. ForFarmers can and wants to contribute to this development by supporting farmers in achieving their business objectives with innovative and sustainable Total Feed solutions. Serving our customers, the farmers, in the proper manner with the feed solutions most cost-effective for them, is our core business and remains so after a public listing."
"This is an important step for Coöperatie FromFarmers as well as ForFarmers,” says Jan Eggink, Chairman of the Coöperatie FromFarmers Board of Directors. “We are ending a period of 10 years where we designed the so-called Equity on Name (Registered Capital) process together and took into account member requirements in the implementation. A new phase begins with a public stock exchange listing and we are making a next step in the further development of a vital cooperative, which is attractive for existing and new members. In this, it is important that control and continuity of the Cooperative are secured. The focus remains on the creation of long-term perspective and the further development of the Total Feed Business in the interest of our members and the ForFarmers customers. This public listing offers the ForFarmers enterprise as well as the Cooperative an excellent basis for a good future."
The public listing is in line with the long-term strategy that was employed in 2005. In order to achieve ForFarmers' growth ambitions and in order to prevent dilution of the capital for members, the Cooperative and the company were split in 2007. The Cooperative's capital was transferred to a large extent to the members via the Equity on Name process. In 2010, the shares in ForFarmers were then exchanged for depositary receipts and the Stichting Administratiekantoor ForFarmers (ForFarmers Trust Office Foundation) issued depositary receipts ('certificates'). From Nov. 8, 2010, it has been possible possible for members and external parties to trade in certificates via a trading platform.
The listing on Euronext Amsterdam is a final step in the Equity on Name process focused on further facilitating the tradablility of shares. ForFarmers will convert to an N.V. (public company) in order to make this possible. With a public listing, ForFarmers' shares will be accessible to a broader investor public, including institutional investors. No new capital will be attracted with the public listing. The tradability of the participation accounts and certificates will end with the listing on Euronext Amsterdam. The certificates and participation accounts can then still be retained on the trading platform or be converted to shares or non-tradable share certificates. Instead of trading in certificates and participation accounts via the trading platform, shares can be traded via Euronext Amsterdam.