LONDON (dpa-AFX) - Howard Investments Limited, a wholly owned subsidiary of Wittington Investments Limited, said it has entered into an agreement to sell about 10.3 million ordinary shares (equating to around 1.4% of the issued share capital) in Associated British Foods PLC to institutional investors through an accelerated bookbuild process, with each ordinary share priced at 2,550 pence, generating gross proceeds of about 262 million pounds.
Following completion of the Placing, the combined shareholding of Wittington and Howard in Associated British Foods or ABF is expected to be about 56.1%.
Wittington has agreed that neither it nor Howard will sell any further shares in ABF for the remainder of ABF's current financial year ending 14th September 2024 without the consent of UBS AG, London Branch. Wittington is committed to maintaining a majority stake in ABF.
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