I own Total Produce PLC company shares, which owns Dole, and Dole is going public in the USA. What happens with my shares?
Total Produce won't be in the London market anymore and it's going only in the USA.
What happens with my shares?
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2 Answers
Total Produce to combine with Dole Food Company
Total Produce plc (“Total Produce”), Europe’s leading fresh produce company, Dole Food Company, Inc. (“Dole”), and affiliates of Castle & Cooke, Inc. (the “C&C shareholders”), which own a 55% interest in Dole’s parent company (“Dole Holdings”) (together, the “Parties”), are pleased to announce that they have entered into a binding transaction agreement (the “Agreement”) to combine under a newly created, U.S. listed company (“Dole plc”) (the “Transaction”).
Under the terms of the Agreement, Total Produce shareholders will receive 82.5% of Dole plc shares and the C&C shareholders will receive 17.5% of Dole plc shares, in each case based on the fully diluted outstanding shares immediately prior to the completion of the Transaction.
See additional details here.
answered Jul 23, 2021 at 19:14
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So that means my broker will automatically send me Dole stocks in exchange of Total Produce one's? If i own 100 stocks of TTPF, then i'll get 82.5 from Dole? or it's going to be its equivalent in cash?– Diego SCommented Jul 23, 2021 at 19:16
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Yes, you will receive Dole shares in exchange for your Total Produce shares. Commented Jul 23, 2021 at 20:38
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2@DiegoS you'd probably receive 82 shares of Dole, and 1/2 share of cash.– RonJohnCommented Jul 23, 2021 at 21:13
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@DiegoS+ Nit: if your shares are held 'in street name' by the broker, which is usual in US but I'm not sure about UK, the broker will surrender the old shares, receive the new shares (and any cash) and post them to your account, and probably send you an email or text if you have enabled notifications on your account. If you are directly registered, the registrar will do the first 3, but may or may not do notifications. If you have an actual (paper) certificate, which is rare nowadays, you will need to send it in by mail/post according to procedures the company(s) will specify. Commented Jul 24, 2021 at 23:42
F-1 Document of the IPO said:
As filed with the U.S. Securities and Exchange Commission on July 2, 2021. Share Exchange and Scheme
We will acquire 100% of the issued share capital of Total Produce by implementing the Share Exchange. Pursuant to the Share Exchange, we will issue one (1) of our ordinary shares to each Total Produce shareholder as of the record date specified by the board of directors of Total Produce for every seven (7) Total Produce shares that are transferred to us, such that the Total Produce shareholders will collectively own 82.5% of our ordinary shares on a fully diluted basis as of immediately following the Share Exchange and the Merger and prior to this offering. Accordingly, upon completion of the Share Exchange, Total Produce will become our direct, wholly owned subsidiary.
