SEC FORM 17-C CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATION CODE
AND SRC RULE 17.2(c) THEREUNDER 1. Date of Report (Date of earliest event reported) Aug 5, 20222. SEC Identification Number -3. BIR Tax Identification No. -4. Exact name of issuer as specified in its charter Del Monte Pacific Limited5. Province, country or other jurisdiction of incorporation British Virgin Islands6. Industry Classification Code(SEC Use Only) 7. Address of principal office Craigmuir Chambers, PO Box 71 Road Town, Tortola, British Virgin IslandsPostal Code-8. Issuer's telephone number, including area code +65632468229. Former name or former address, if changed since last report -10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA
Title of Each Class | Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding |
Ordinary Shares | 1,943,960,024 |
Series A-2 Preference Shares | 10,000,000 |
The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.
Del Monte Pacific LimitedDELM PSE Disclosure Form 4-1 - Acquisition or Disposition of Assets References: SRC Rule 17 (SEC Form 17-C) andSection 4.4 of the Revised Disclosure Rules
Subject of the Disclosure |
Acquisition by Del Monte Pacific Limited's subsidiary, Del Monte Foods, Inc., of Kitchen Basics |
Background/Description of the Disclosure |
The Company's U.S. subsidiary, Del Monte Foods, Inc. ("DMFI") has acquired certain assets associated with the Kitchen Basics brand of ready-to-use stock and broth from McCormick & Company. |
Date of Approval by Board of Directors | N/A |
Rationale for the transaction including the benefits which are expected to be accrued to the Issuer as a result of the transaction |
The Kitchen Basics brand was founded in 1996 as the pioneer in liquid stock and remains a strong brand in the U.S. today, with net sales of approximately US$45 million. The Acquisition is consistent with DMFI's overall growth strategy, as it focuses on innovation, renovation and customization of its iconic brand portfolio. Kitchen Basics will join Del Monte's brand portfolio as the company expands its retail presence in the category. |
Date | Aug 3, 2022 |
Description of the Transaction |
Acquisition by DMFI of Kitchen Basics intellectual property and inventory assets |
Manner |
Negotiated between the parties |
Description of the assets involved |
The assets acquired comprise intellectual property and inventory. No property, plant and/or equipment were acquired. |
Nature and amount of consideration given or received |
The aggregate consideration for the assets was US$99 million. |
Principle followed in determining the amount of consideration |
The price was established through an auction process and negotiations between the parties. |
Terms of payment |
Cash settlement was completed on 4 August 2022 |
Conditions precedent to closing of the transaction, if any |
None. |
Any other salient terms |
None. |
Name | Nature of any material relationship with the Issuer, their directors/ officers, or any of their affiliates |
McCormick & Company | N/A |
Effect(s) on the business, financial condition and operations of the Issuer, if any |
The net profits attributable to the assets acquired compared with the group's net profits is at a relative value of 3.83%. (Based on estimated net profit of Kitchen Basics business (on a standalone basis) that has been carved out by the seller) |
Other Relevant Information |
Please refer to the attached Announcement. |
Source(s) of funds |
The acquisition was financed through available credit facilities. |
If any asset so acquired by the issuer or its subsidiaries constituted plant, equipment or other physical property, state the nature of the business in which the assets were used by the persons from whom acquired and whether the issuer intends to continue such use or intends to devote the assets to other purposes, indicating such other purposes |
N/A |
Name | Antonio Eugenio Ungson |
Designation | Chief Legal Counsel and Chief Compliance Officer |
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Del Monte Pacific Limited published this content on 05 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 August 2022 01:20:01 UTC.