Research Desk Line-up: J. M. Smucker Post Earnings Coverage
LONDON, UK / ACCESSWIRE / June 14, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Nomad Foods Ltd. (NYSE: NOMD). The Company announced on June 12, 2017, that it has entered into an agreement to repurchase 9,779,729 of its shares beneficially owned by funds advised by Permira Advisers LLP, at a purchase price of $10.75 per share. This repurchase agreement is viewed as a step to create long-term value for the Company's shareholders, and deliver positive momentum to its business. For immediate access to our complimentary reports, including today's coverage, register for free now at:
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Discover more of our free reports coverage from other companies within the Processed & Packaged Goods industry. Pro-TD has currently selected The J. M. Smucker Company (NYSE: SJM) for due-diligence and potential coverage as the Company announced on June 08, 2017, its financial results for Q4 which ended on April 30, 2017. Tune in to our site to register for a free membership, and be among the early birds that get our report on J. M. Smucker when we publish it.
At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on NOMD; also brushing on SJM. Go directly to your stock of interest and access today's free coverage at:
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The Announcement
Under the Form 6-K filed with the SEC, the Company stated that the purchase price of $10.75 represented a 25% discount to the closing price of its ordinary shares on June 09, 2017. The transaction is related to the final settlement of indemnity claims against an affiliate of Permira of legacy tax matters that predate its acquisition of Iglo Group, which took place in 2015. The aggregate purchase price of $105.1 million will be funded from the Company's cash on hand, while the shares will be retired.
The transaction is 6% accretive to Nomad Foods' EPS, and delivers the Company the financial capacity to execute acquisitions, streamline strategic priority, and generate regulated cash flow.
Nomad Growth Prospects
Nomad Foods, a leading frozen foods Company, holds a portfolio of best-in-class Companies and brands within the segment. The Company currently has presence in 17 countries and holds the leading market share in Western Europe, where it primarily operates across the United Kingdom, Germany, Italy, Sweden, France, and Norway. Nomad Foods recently announced its Q1 FY17 results on May 25, 2017, where it reported organic revenue growth of 1.1% y-o-y versus Q1 FY16; and net revenue decrease of 2.9% to €531 million from Q1 FY16 net revenue of €547.1 million.
Prior to this announcement, on April 03, 2017, Nomad Foods announced the launch of an anticipated refinancing of its existing credit facility with two tranches, namely: €500 million and about $10 million sever term loans. Recently, on May 03, 2017, the Company announced that it has completed a private offering of €400 million aggregate principal amount of 3.25% senior secured notes due 2024.
The Company additionally announced that it had closed the refinancing of its existing senior credit facilities, on May 03, 2017. The refinancing agreement involved the prepayment of existing term facilities and a €400, both with maturity dates extending to May 2024. The Company also extended the maturity of its €80.0 million revolving credit facility until May 2023.
On June 07, 2017, Nomad Foods announced the resignation of its Chief Financial Officer, Paul Kenyon, as he had decided to accept another opportunity outside the food industry. Mr. Kenyon had been the CFO of the Company for the last 5 years, where he joined as the CFO of Iglo Group, and then the CFO of Nomad Foods, since 2015. Paul Kenyon has the ability to monitor a transaction effectively and is set to discharge his current roles until August 2017.
Last Close Stock Review
Nomad Foods' share price finished yesterday's trading session at $14.19, slightly down 0.70%. A total volume of 1.23 million shares have exchanged hands. The Company's stock price skyrocketed 25.80% in the last three months, 45.39% in the past six months, and 50.16% in the previous twelve months. Additionally, the stock soared 48.28% since the start of the year. Shares of the Company have a PE ratio of 54.79 and currently have a market cap of $2.58 billion.
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