Costa Group updates on Paine Schwartz Partners share acquisition

Costa Group Holdings Limited (ASX: CGC) announced that an entity managed by Paine Schwartz Partners (Paine Schwartz) notified the ASX that it has received an interest in 13.78% of the issued securities of Costa, including:

1. 9.99% shareholding acquired via purchase trades from many sellers.

2. 2.38% relevant interest pursuant to a total return swap with Citigroup Global Markets Limited.

3. 1.41% relevant interest pursuant to a forward agreement with Citi which offers for physical settlement conditional on receipt of a no objection notification under the FATA.

Paine Schwartz (via its broker) indicated to investors during its after-market acquisition that:

1. It was seeking to get an interest of up to ~15% (inclusive of its existing 2.38% economic interest) via the after-market acquisition at AU$2.60 per share.

2. At this stage, the shareholding is seen as a long-term investment and Paine Schwartz has no current intent of making an offer to acquire control of CGC.

3. Paine Schwartz may possibly be interested in seeking a Board seat, conditional on FIRB consent.

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