date:Oct 31, 2012
still has a very large pension deficit which has to be serviced from a smaller cash generative base.
This sale price equates to 1.4x sales and 7.9x earnings before interest, tax, depreciation and amortisation (EBITDA) for 2011, said Jones. As such, it represents a better multiple than previous disposals.
Jones added that further disposals such as sweet dehydrated powders could not be ruled out. All options could be considered including exiting milling.
Panmure Gordon retained its hold recom