Cooks Global Foods seeks approval for share buy back programme
Global branded coffee franchisor releases notice of meeting to approve a $10 million capital raising plan and a buyback programme for up to 20 million shares.
Cooks Global Foods (NZX.CGF) today announces it is seeking shareholder approval under the Takeovers Code to implement a buy back for up to 20 million shares over time. If approved, the programme will give Cooks the flexibility to respond at times when it considers the market price of its shares is lower than is justified by the underlying value of its assets.
Cooks also releases its notice of special meeting to approve the buy back programme as well as the previously-announced commitment from its major shareholders, Jiajiayue Holding Group Limited (JJY), Yunnan Metropolitan Construction Investment Group Co Ltd (YMCI) and Cooks Executive Chairman Keith Jackson, to support a plan to raise at least $10 million in new equity.