Laconic Food is absorbed by Creta Farm Foods – The whole merger plan

The valuation of the contributed net position of Laconiki amounts to 4.42 million euros

In order to develop into a strong company with an expanded product portfolio, Creta Farm Foods has absorbed Laconic Foods.

According to the draft absorption merger agreement, published yesterday, the valuation of the contributed net position of Laconic Foods, as estimated by the certified public accountants IG AUDIT amounts to 4.42 million euros.

Following the merger, Creta Farm’s share capital will increase by 1.6 million euros with the issuance of 536,712 new common registered voting shares, with a nominal value of 3.00 euros each. The remaining amount of 2.8 million euros will be credited to the “premium difference” account. Following the above increase, the new share capital of Creta Farm will amount to 16,610,136 euros (from 15 million euros), divided into 5,536,712 common registered voting shares with a nominal value of three 3.00 euros each.

The Boards of Directors of the merging companies propose as a ratio of exchange of the shares of the absorbing company to shares of the absorbing company, equal to 1 share of the absorbed company to 0.19 new share of the absorbing company, while the shareholders of the absorbing company will keep the number held in the absorber unchanged.

The date of the Laconiki transformation balance sheet was set at 31 May 2021.

What does the merger mean for Creta Farm and Laconic?

As mentioned in the merger plan, Creta Farm will increase its fixed assets and strengthen its financial position, especially with the addition of the properties owned by Lakoniki (Peristeri, Attica, Sparta, Thessaloniki), which have significant asset value but also of major business importance, since they include a sausage factory in Sparta but also industrial and storage facilities in Attica and Thessaloniki.

In addition, Creta will use the products and brands that Lakoniki currently employs to expand the variety of products it markets and strengthen its market presence.

As for Laconiki, it will join the new scheme of Dimitris Vintzilaios that aims to gain a leading position in the food sector, achieving economies of scale, while its products will gain access to a wide distribution network and greater penetration in a large number of points of sale, while productively and / or economically utilizing its significant real estate.

The planning of the merger with Laconic Food is in full swing since the beginning of the year, with the two companies operating in synchrony. In fact, 80% of the production from Sparta has already been transferred to Rethymnon. In Sparta remains the production of some local products but also new productions such as the new line for vegan codes.

Based on the plans of Dimitris Vintzilaios, Creta Farm will have expanded, in addition to cold cuts, to other categories of food, in a horizon of three years, .

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