Simonds Farsons Cisk plc – Resolution for Food Business Spin-off

Jonathan Falzon

June 3, 2025

Market News
3 June, 2025
3 min read
Market News
3 June, 2025
3 min read

Following last week's article detailing the performance of the S&P 500 index in 2025, it is worth devoting time to review the developments across the European equity markers in my last article of the year.

On 3 June 2025, Simonds Farsons Cisk plc published the agenda for the upcoming Annual General Meeting which is scheduled to be held on 26 June 2025.

One of the resolutions relates to the approval of the spin-off of the shareholding in Quinco Holdings plc by way of a distribution of a ‘dividend-in-kind’. Quinco Holdings plc will be the holding company of Quintano Foods Limited and Food Chain Limited, which are involved in the importation, wholesale, and retail of food and the operation of franchised food retailing establishments.

The Board believes that the spin-off will deliver a dedicated executive management team and board focus that are essential to growing the scale of the business and will provide the best opportunity to grow the business both organically and inorganically.

Quinco Holdings’ net asset value is estimated to amount to €46.8 million on a pro forma basis as at 31 January 2025, assuming the corporate restructuring is completed and the planned cash injection of €5.0 million is carried out. Based on a share capital base of 36 million shares, the net asset value per share amounts to €1.30, which may change until the date of listing, albeit changes are not expected to be material.

The Explanatory Circular explained that the spin-off and eventual listing of Quinco Holdings plc is expected to be concluded by 31 December 2025.

The article contains public information only and is published solely for informational purposes. It should not be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in this article. Rizzo, Farrugia & Co. (Stockbrokers) Ltd (“Rizzo Farrugia”) is under no obligation to update or keep current the information contained herein. Since the buying and selling of securities by any person is dependent on that person’s financial situation and an assessment of the suitability and appropriateness of the proposed transaction, no person should act upon any recommendation in this article without first obtaining investment advice. Rizzo Farrugia, its directors, the author of this article, other employees or clients may have or have had interests in the securities referred to herein and may at any time make purchases and/or sales in them as principal or agent. Furthermore, Rizzo Farrugia may have or have had a relationship with or may provide or has provided other services of a corporate nature to companies herein mentioned. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any security mentioned in this article. Neither Rizzo Farrugia, nor any of its directors or employees accepts any liability for any loss or damage arising out of the use of all or any part of this article. Additional information can be made available upon request from Rizzo, Farrugia & Co. (Stockbrokers) Ltd., Airways House, Fourth Floor, High Street, Sliema SLM 1551. Telephone: +356 2258 3000; Email: info@rizzofarrugia.com; Website: www.rizzofarrugia.com © 2021 Rizzo, Farrugia & Co. (Stockbrokers) Ltd. All rights reserved. This article may not be reproduced or redistributed, in whole or in part, without the written permission of Rizzo Farrugia. Moreover, Rizzo Farrugia accepts no liability whatsoever for the actions of third parties in this respect.

This article was produced by Edward Rizzo, Director at Rizzo Farrugia, which is a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap. 370 of the Laws of Malta and a member of the Malta Stock Exchange. The company’s registered address is at Airways House, Fourth Floor, High Street, Sliema SLM 1551, Malta.

The article contains public information only and is published solely for informational purposes. It should not be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in this article. Rizzo, Farrugia & Co. (Stockbrokers) Ltd (“Rizzo Farrugia”) is under no obligation to update or keep current the information contained herein. Since the buying and selling of securities by any person is dependent on that person’s financial situation and an assessment of the suitability and appropriateness of the proposed transaction, no person should act upon any recommendation in this article without first obtaining investment advice. Rizzo Farrugia, its directors, the author of this article, other employees or clients may have or have had interests in the securities referred to herein and may at any time make purchases and/or sales in them as principal or agent. Furthermore, Rizzo Farrugia may have or have had a relationship with or may provide or has provided other services of a corporate nature to companies herein mentioned. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any security mentioned in this article. Neither Rizzo Farrugia, nor any of its directors or employees accepts any liability for any loss or damage arising out of the use of all or any part of this article. Additional information can be made available upon request from Rizzo, Farrugia & Co. (Stockbrokers) Ltd., Airways House, Fourth Floor, High Street, Sliema SLM 1551. Telephone: +356 2258 3000; Email: info@rizzofarrugia.com; Website: www.rizzofarrugia.com © 2021 Rizzo, Farrugia & Co. (Stockbrokers) Ltd. All rights reserved. This article may not be reproduced or redistributed, in whole or in part, without the written permission of Rizzo Farrugia. Moreover, Rizzo Farrugia accepts no liability whatsoever for the actions of third parties in this respect.

This article was produced by Edward Rizzo, Director at Rizzo Farrugia, which is a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap. 370 of the Laws of Malta and a member of the Malta Stock Exchange. The company’s registered address is at Airways House, Fourth Floor, High Street, Sliema SLM 1551, Malta.

On 3 June 2025, Simonds Farsons Cisk plc published the agenda for the upcoming Annual General Meeting which is scheduled to be held on 26 June 2025.

One of the resolutions relates to the approval of the spin-off of the shareholding in Quinco Holdings plc by way of a distribution of a ‘dividend-in-kind’. Quinco Holdings plc will be the holding company of Quintano Foods Limited and Food Chain Limited, which are involved in the importation, wholesale, and retail of food and the operation of franchised food retailing establishments.

The Board believes that the spin-off will deliver a dedicated executive management team and board focus that are essential to growing the scale of the business and will provide the best opportunity to grow the business both organically and inorganically.

Quinco Holdings’ net asset value is estimated to amount to €46.8 million on a pro forma basis as at 31 January 2025, assuming the corporate restructuring is completed and the planned cash injection of €5.0 million is carried out. Based on a share capital base of 36 million shares, the net asset value per share amounts to €1.30, which may change until the date of listing, albeit changes are not expected to be material.

The Explanatory Circular explained that the spin-off and eventual listing of Quinco Holdings plc is expected to be concluded by 31 December 2025.