not much for SBRY investors30 Apr 2018 09:09
Issue to Walmart (i) Sainsbury's ordinary voting shares representing 29.9 per cent of Sainsbury's enlarged ordinary voting share capital; and (ii) ordinary non-voting shares, which are convertible into ordinary voting shares (together "Consideration Shares"), such that Walmart will hold 42 per cent of the issued equity share capital of the Combined Business, based on Sainsbury's issued share capital as at 26 April 2018; and
� Pay �2.975 billion in cash to Walmart, with the ultimate cash consideration paid by Sainsbury's subject to customary completion adjustments.
The cash element of the consideration will be covered initially by third party bank finance and, in time, replaced with longer term funding.