23rd Jun 2015 09:23
LONDON (Alliance News) - Nomad Foods Ltd and CIC Gold Group Ltd both started trading in London on Tuesday and experienced mixed fortunes, as Nomad shares pushed higher but CIC Gold shares dug a deep hole.
Nomad Foods, which earlier this year struck a deal to acquire Iglo Foods Holdings Ltd for EUR2.6 billion, saw its shares nearly double in value upon admission on Tuesday, up to USD20.50 per share from USD10.50.
Iglo is the owner of the Birds Eye frozen foods brand, and Nomad acquired the company from private equity owner Permira.
Shares in CIC Gold, however, which floated at 6 pence, were down to 3.7 pence in early trade, a 38% drop.
CIC Gold Group said its strategy is to make acquisitions in "undervalued gold properties where gold is the principal commodity or gold mining is the principal activity, held by quoted and private companies with strong underlying fundamentals suitable of producing substantial increases in value by funding and applying de-risking strategies and other corporate actions."
By Sam Unsted; [email protected]; @SamUAtAlliance
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