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

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.