Premier Foods Hovis sale puts it near to a £1bn valuation

One of the best performing shares since lockdown has continued its solid gains following the sales of Hovis in a deal worth £37m.

Premier Foods share price has continued its rapid rise to see the business worth just shy of £900m at today’s price of 105p per share.

Back in July, Premier Foods was revealed as the best performing share since the the original lockdown with a 345% gain (Revealed! The five best shares to invest in since lockdown).

In an announcement today, Premier Foods confirmed it sold its minority interest in Hovis for £37m:

The transaction closed and completed late on 5 November 2020; proceeds of £37m due to the Group include the repayment of outstanding loan notes and accrued interest.

The Group’s investment in Hovis was fully written down in 2016. This transaction strengthens the Group’s financial position as it continues to improve its leverage profile.

Disposal of Hovis joint venture

With a second lockdown recently commencing in the UK, it appears there is renewed appetite for Premier Foods as it has performed so well under similar conditions previously.

Should its rise continue, it will build on its 5-year all-time high share price and reach a £1bn valuation.

Let's Talk

Argo & NasdaqThink Peter Wall gave it away in those answers. There is literally … Read More
Omega very bullishNever heard Colin so bullish before, he definitely knows good time … Read More
Getting into CBD stocksThanks I'm going to wait for MXC to dip a bit more big overra … Read More
Argo Blockchain Share Price Predi …Update. I'm not into even more profit. Am holding unless Bitc … Read More
ODX target price is?People obviously wanted to see we have a £200m contract in the bag … Read More
Hey, profit awaits! Free Sharebuyers Newsletter

Receive hot tips you can profit from - only sent when it matters. Twitter: @ShareBuyers.

error: ShareBuyers content is protected