My Food Bag will remain listed on the NZX after a six-month strategic review, which included testing the market for a potential sale of the company, ended without a deal.
The meal-kit company launched the review in April, considering its ownership, strategic options and capital structure.
It appointed Cameron Partners to run a structured market-testing process to gauge interest in a potential ownership transaction.
My Food Bag said that resulted in discussions with a number of potential investors in New Zealand and overseas, but it had ultimately decided to remain an NZX-listed company and pursue its standalone growth strategy.
The company will focus on growing its existing brands, expanding sales channels and improving margins through technology, procurement and supply-chain changes.
It said acquisitions were not necessary to deliver the strategy.
The board will target dividends equivalent to 70% to 90% of annual profit after tax.
The company is also considering returning extra cash to shareholders next year, although it has yet to decide how much or how it would be paid.
The company will release its interim results later this month, along with a performance update.
My Food Bag shares have lost more than 80% of their value since the company listed on the NZX in 2021.
- RNZ
The morning's headlines in 90 seconds including record breaking early voting and Olivia Dean's punishment for breaking curfew. (Source: Breakfast)
SHARE ME