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A-Brands

Family Shareholders Sell Shares Of Lotus Bakeries

The main shareholder of Belgium's Lotus Bakeries, the Boone family, has sold 65,303 shares at a unit price of €5,000 for €327 million, according to a report in the publication L'Echo.

On Monday (27 September 2021), the shareholders announced that they sold at least 55,000 shares by way of private placement, with an option to sell a further 10,303 shares.

Along with CEO Jan Boone (pictured above), family shareholders will still own around 50% of the shares after the sale, and will retain over 65% of the voting rights in the company.

They also want to keep a controlling stake in the future, the report said citing a company press release.

The report also noted that the 65,303 shares, corresponding to 8% of the current capital in circulation, were offered to institutional investors and not to private investors.

On Monday, the Lotus Bakeries shares closed down 0.7% at €5,610.

'Attract A More Diverse Group Of Shareholders'

The report quoted family shareholders saying that the sale of shares is in line with Lotus Bakeries' "ambition to attract a more diverse group of shareholders," which also reflects "the company's geographic reach" better.

The Boone family will also get a bonus from the operation.

Lotus Bakeries stock rose sharply in 2020 and hit a peak of €5,910 last week. A year ago, it was listed at around €3,350.

The snacking giant posted a 10.1% increase in turnover in full year 2019, to €612.7 million, with a 9.3% increase in operating profit in the period, boosted by the positive performance of its Natural Foods and Lotus Biscoff arms.

© 2021 European Supermarket Magazine. Article by Conor Farrelly. For more A-Brands news, click here. Click subscribe to sign up to ESM: European Supermarket Magazine.

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