Total Produce has become the second-largest shareholder in Capespan after increasing its shareholding to 25.3 per cent.
The company's €13 million share transaction in Capespan Group Ltd has now been completed. Total Produce announced on 23 December that it had sold its 50 per cent shareholding in European distribution business Capespan International Holdings Ltd to Capespan Group in exchange for an extra 20 million shares in Capespan Group and €8.5m in cash.
The transaction was subject to regulatory approval and the issue of the shares was subject to the approval of Capespan Group shareholders. Both of these approvals have now been received, with the €8.5m of cash having been received in January and the shares having now been issued to Total Produce.
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