Written Answers. - Greencore Placing — Statement of Minister for Finance.
At 12 noon on Friday 30 April 1993, I was informed by Davy Stockbrokers that all the shares that I held in Greencore plc had been placed and a public statement to that effect was issued.
I received the following information on Wednesday 5 May 1993 from Davy Stockbrokers. The information they gave to me at 12 noon on 30 April was on the basis that by then, they had placed over 17.5 million of the 25 million shares and had a pre-agreed arrangement with a major overseas institution to take up shares in the placing up to a maximum of 10 million shares. Davys subsequently revised the pre-agreed arrangement to include other purchasers. On Monday 3 May 1993 Davys sought legal advice in regard to both the original and revised arrangements. That advice has now been received by Davys and is to the effect that both arrangements give rise to a number of difficulties due to the possibility of Davys and parties connected with them being regarded as having an interest in certain of the placed shares in some circumstances. This could have led to difficulties in regard to the provisions of the Greencore Articles of Association which restrict holdings to a maximum of 15 per cent. They were also advised that there was a requirement to make disclosure to the market and to the other places of the situation that had developed.
The Minister is consulting his legal and financial advisers.