October 07, 2008 - Bakkavör Group has informed the Board of Greencore Group PLC that it has relinquished its 10.9% economic interest under a CFD (Contract for Difference) in 22,028,795 ordinary shares in Greencore at a price of EUR 1.30 per ordinary share.
Ágúst Gudmundsson, CEO of Bakkavör Group:
"As a direct result of the turmoil and fluctuations in the global financial markets, it is with regret that the funding source for the CFD was withdrawn, making it necessary for the Group to relinquish its economic interest in Greencore. The funding of the CFD was outside the Group's normal banking arrangements and its withdrawal is in no way a reflection of the financial standing of the Group.
Bakkavör is a cash generative business with strong fundamentals and remains totally committed to the fresh prepared foods sector in the UK and internationally. Our business philosophy remains unchanged."
Bakkavör Group's third quarter results will be published 30 October.
Bakkavör Group is bound by the Regulations of NASDAQ OMX Nordic Exchange in Iceland and the Irish Stock Exchange, where Greencore Group has its primary Listing.