Fyffes to raise €47m on the London and Irish stock exchanges.

Irish fruit and fresh produce company Fyffes raised about €47m through a share placing on the London and Irish stock exchanges.

The company, through stock broker J&E Davy, will place about 31.45m shares at €1.50, with each share carrying a voting right and a dividend payment, representing about 10% of the company’s issued share capital

Fyffes has made applications to the Irish Stock Exchange and to the London Stock Exchange for the Placing Shares to be admitted to trading on ESM and AIM, with dealings expected to commence on 20 September.

The placing is conditional, upon admission becoming effective and the agreement between the Fyffes and J&E Davy not being terminated in accordance with its terms.

Following admission, the number of shares in issue will be about 360.9m, including 31m in treasury, and the total number of voting shares in Fyffes will be about 329.9m.

Recently, the company bought two Canadian companies, All Seasons Mushrooms for €41m earlier in September and Highline Produce in April for €98m to expand its presence in the mushroom business.

Shares in Fyffes were down 4.12% to 130.63p at 1249 BST.