Australian food ingredients company Burns Philp and Co expects to lodge the prospectus for its spin-off Goodman Fielder on November 11.
Speaking at the Burns Philp annual general meeting, chairman Graeme Hart said the company was trying to realise a substantial proportion of the capital it has invested into Goodman
Fielder.
"At this point we anticipate lodging the prospectus, next Friday, November 11," Mr Hart told shareholders.
Mr Hart said Burns Philp expects to realise about A$2.5 billion ($2.7 billion) in cash from Goodman Fielder, as it lowers its strategic holding in the business to a minimum of 20 per cent.
"It is our intention to reinvest the realised capital into a business or businesses that have the characteristics we find attractive, including stable and predictable cash flows and the opportunity to enhance financial performance and further develop the business," Mr Hart said.
In September, Burns Philp announced that it would spin-off its bakery and spreads division into a new listed company, along with newly-acquired New Zealand Dairy Foods into a new entity, Goodman Fielder.
The deal will leave Burns Philp with its snack food operations, the 20 per cent Goodman stake and board representation in the new company.
- AAP
