Transaction and Trading Update Announcement

02 Jul 2021


On 17 February 2021, Total Produce plc (the “Group” or “Total Produce”), the leading international fresh produce group, announced that it had entered into an agreement to combine with Dole Food Company, Inc. under Dole plc, which will be a newly created company to become publicly listed in the U.S. (the “Transaction”).

Per the agreement, Dole plc’s completion of an initial public offering and public listing is a condition for completion of the Transaction, and Dole plc has made a filing with the U.S. Securities and Exchange Commission with respect to this process.

At completion of the Transaction, shares of Total Produce will cease to be listed on the Euronext Growth Dublin and the London Stock Exchange.

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Total Produce is also pleased to confirm that trading for the first quarter ended 31 March 2021 has been strong. Revenue, Adjusted EBITDA and Adjusted earnings per share are ahead of the comparable quarter in 2020.

Total Produce continues to target full year adjusted earnings in line with market expectations.

The Group’s strong presence in the global fresh produce industry, the diversity of its operations and products together with the exceptional response from all of its people, continues to enable Total Produce to meet the ongoing Covid-19 challenges.

For further information, please contact:

Jacinta Devine
Company Secretary   Telephone: + 353 1 887 2722

Brian Bell, Wilson Hartnell PR     + 353-1-669 0030

Blake Sonnenshein / Elizabeth Volpe, Brunswick Group  /     +1 212 333 3810

Ivan Murphy, Davy Corporate Finance     +353-1-679 6363

This Announcement has been issued by and is the sole responsibility of Total Produce.
Statements in this Announcement with respect to the Transaction, the IPO and Total Produce’s business, strategies, projected financial figures, transaction synergies, and beliefs, as well as other statements that are not historical facts are forward-looking statements involving risks and uncertainties which could cause the actual results to differ materially from such statements. Statements containing the words “target”, "expectations" and similar expressions (or their negative) may identify certain of these forward-looking statements. Any forward-looking statements in this Announcement are based on numerous assumptions regarding Total Produce's present and future business strategies and the environment in which Total Produce will operate in the future. Forward-looking statements involve inherent known and unknown risks, uncertainties, and contingencies because they relate to events and depend on circumstances that may or may not occur in the future and may cause the actual results, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Many of these risks and uncertainties relate to factors that are beyond Total Produce's ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behaviour of other market participants, the actions of regulators and other factors such as Total Produce's ability to obtain financing, changes in the political, social, and regulatory framework in which Total Produce operates or in economic, technological or consumer trends or conditions. Past performance should not be taken as an indication or guarantee of future results, and no representation or warranty, express or implied, is made regarding future performance. No person is under any obligation to update or keep current the information contained in this Announcement or to provide the recipient of it with access to any additional information that may arise in connection with it.

This Announcement and any statements made in connection with this Announcement shall neither constitute an offer to sell nor the solicitation of an offer to buy any securities, or the solicitation of any proxy, vote, consent or approval in any jurisdiction in connection with Total Produce or Dole plc, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdictions. This communication is not intended for distribution to, or use by any person in, any jurisdiction where such distribution or use would be contrary to local law or regulation.