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Circular Dated 27 January 2014

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Circular Dated 27 January 2014 CIRCULAR DATED 27 JANUARY 2014 THIS CIRCULAR IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. IF YOU ARE IN DOUBT AS TO THE ACTION THAT YOU SHOULD TAKE, YOU SHOULD CONSULT YOUR LEGAL, FINANCIAL, TAX OR OTHER PROFESSIONAL ADVISERS IMMEDIATELY. Unless otherwise stated, the capitalised terms on this cover are defined in this Circular under the section titled “Definitions”. If you have sold or transferred all your Shares in the capital of Del Monte Pacific Limited, you should forward this Circular, the Notice of General Meeting and the attached Proxy Form immediately to the purchaser or transferee or to the stockbroker, bank or agent through whom you effected the sale or transfer for onward transmission to the purchaser or transferee. The Singapore Exchange Securities Trading Limited (“SGX-ST”) assumes no responsibility for the correctness of any statements made, reports contained or opinions expressed in this Circular. YOUR ATTENTION IS DRAWN TO THE SECTION ENTITLED “RISK FACTORS” ON PAGES 47 TO 54 AND A-20 TO A-32 OF THIS CIRCULAR WHICH YOU SHOULD REVIEW CAREFULLY. DEL MONTE PACIFIC LIMITED (Incorporated in the British Virgin Islands with limited liability) CIRCULAR TO SHAREHOLDERS in relation to (1) PROPOSED ACQUISITION OF DEL MONTE CORPORATION’S CONSUMER FOOD BUSINESS; AND (2) SHARE PLACEMENT, SUBSCRIPTION AND LISTING OF THE SUBSCRIPTION SHARES ON THE PHILIPPINE STOCK EXCHANGE, INC Singapore Financial Adviser to the Company on the Proposed Acquisition CITIGROUP GLOBAL MARKETS SINGAPORE PTE LTD IMPORTANT DATES AND TIMES Last date and time for lodgement of Proxy Form : 9 February 2014 at 10.00 a.m. Date and time of General Meeting : 11 February 2014 at 10.00 a.m. Place of General Meeting : M Hotel Singapore, Anson Room 3, Level 2, 81 Anson Road Singapore 079908 TABLE OF CONTENTS CORPORATE INFORMATION ....................................................... 1 DEFINITIONS ..................................................................... 3 CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS .................. 7 INDICATIVE TIMETABLE ........................................................... 8 1. INTRODUCTION ............................................................. 9 2. THE PROPOSED ACQUISITION ................................................ 10 2.1 Information on the Vendor and the Consumer Food Business ......................... 10 2.2 Valuation of Consumer Food Business ............................................ 15 2.3 Consideration and Deposit ...................................................... 15 2.4 Conditions Precedent and Transition Services Agreement ............................ 16 2.5 Funding for the Proposed Acquisition ............................................. 18 3. RATIONALE FOR THE PROPOSED ACQUISITION ................................ 19 4. FINANCIAL EFFECTS OF THE PROPOSED ACQUISITION ......................... 20 4.1 Introduction .................................................................. 20 4.2 Management’s Discussion and Analysis of Financial Condition and Results of Operation of the Enlarged Group ........................................................... 22 4.3 Financial Highlights of the Enlarged Group ........................................ 42 5. RELATIVE FIGURES UNDER RULE 1006 OF THE LISTING MANUAL ................. 43 6. SGX-ST, SEC PHILIPPINES AND PSE ........................................... 44 6.1 In-principle Approval for the Proposed Acquisition ................................... 44 6.2 SEC Philippines and PSE ...................................................... 44 6.3 Waiver granted by the SGX-ST .................................................. 44 7. INFORMATION ON THE ENLARGED GROUP ..................................... 45 7.1 Principal Business ............................................................ 45 7.2 Prospects and Future Plan ..................................................... 46 7.3 Risk factors .................................................................. 47 7.4 Structure of the Enlarged Group ................................................. 54 7.5 Management reporting structure ................................................. 58 7.6 Board of Directors ............................................................. 58 7.7 Executive Officers ............................................................. 59 7.8 Remuneration ................................................................ 60 7.9 Service Agreement ............................................................ 60 7.10 Corporate Governance ......................................................... 60 7.11 Corporate Social Responsibility .................................................. 61 7.12 Government Regulations ....................................................... 61 7.13 Anti-trust Regulations .......................................................... 62 7.14 Taxation ..................................................................... 63 7.15 Exchange control ............................................................. 63 7.16 Moratorium undertakings and voting undertaking ................................... 63 8. SHARE PLACEMENT AND THE PSE RESOLUTION ............................... 64 9. INTEREST OF DIRECTORS AND SUBSTANTIAL SHAREHOLDERS .................. 66 9.1 Interest of Directors and Substantial Shareholders .................................. 66 9.2 Interests of Directors and Substantial Shareholders in the Proposed Acquisition .......... 68 9.3 Interested Person Transaction ................................................... 68 10. DIRECTORS’ RECOMMENDATIONS ............................................ 68 10.1 Proposed Acquisition .......................................................... 68 10.2 PSE Resolution ............................................................... 68 11. RESPONSIBILITY STATEMENT OF THE DIRECTORS ............................. 68 12. RESPONSIBILITY STATEMENT OF THE FINANCIAL ADVISER ...................... 69 13. INTEREST OF THE FINANCIAL ADVISER ........................................ 69 14. GENERAL MEETING .......................................................... 69 15. ACTION TO BE TAKEN BY SHAREHOLDERS ..................................... 69 16. MISCELLANEOUS ............................................................ 70 16.1 Consent ..................................................................... 70 16.2 Material Contracts of the Group ................................................. 70 16.3 Material Litigation ............................................................. 71 16.4 Documents available for inspection ............................................... 71 APPENDIX A INFORMATION ON THE CONSUMER FOOD BUSINESS ................... A-1 APPENDIX B ACQUIRED ASSETS AND LIABILITIES AND EXCLUDED ASSETS AND LIABILITIES UNDER THE PURCHASE AGREEMENT ...................... B-1 APPENDIX C AUDITED COMBINED FINANCIAL STATEMENTS OF THE CONSUMER FOOD BUSINESS FOR THE FINANCIAL YEARS ENDED 29 APRIL 2012 AND 28 APRIL 2013, AND THE REVIEWED CONDENSED COMBINED FINANCIAL STATEMENTS OF THE CONSUMER FOOD BUSINESS FOR THE FINANCIAL PERIODS ENDED 29 JULY 2012 AND 28 JULY 2013 ...................... C-1 APPENDIX D SUMMARY VALUATION REPORT ...................................... D-1 APPENDIX E REPORT ON THE UNAUDITED PRO FORMA FINANCIAL INFORMATION OF THE ENLARGED GROUP FOR THE FINANCIAL YEARS ENDED 31 DECEMBER 2011 AND 2012, AND FOR THE SIX-MONTHS ENDED 30 JUNE 2012 AND 2013 .............................................. E-1 APPENDIX F INDUSTRY PROSPECT ............................................... F-1 APPENDIX G INFORMATION RELATING TO DIRECTORS AND EXECUTIVE OFFICERS . G-1 APPENDIX H APPLICABLE RELEVANT LAWS AND REGULATIONS ..................... H-1 APPENDIX I TAXATION LAWS AND REGULATIONS ................................. I-1 APPENDIX J EXCHANGE CONTROL LAWS AND REGULATIONS ...................... J-1 APPENDIX K INTELLECTUAL PROPERTY .......................................... K-1 NOTICE OF GENERAL MEETING ................................................... L-1 CORPORATE INFORMATION Board of Directors Mr Rolando C Gapud (Non-Executive Chairman) Mr Joselito D Campos, Jr (Managing Director and Chief Executive Officer) Mr Edgardo M Cruz, Jr (Executive Director) Mr Benedict Kwek Gim Song (Lead Independent Director) Mr Patrick L Go (Independent Director) Dr Emil Q Javier (Independent Director) Mr Godfrey E Scotchbrook (Independent Director) Company Secretary Yvonne Choo Registered Office Craigmuir Chambers P O Box 71 Road Town, Tortola British Virgin Islands Principal Office c/o 17 Bukit Pasoh Road Singapore 089831 BVI Registrar and Nerine Trust Company (BVI) Limited Share Transfer Office Nerine Chambers PO Box 905 Quastisky Building Road Town Tortola VG 1110 British Virgin Islands Singapore Financial Adviser to Citigroup Global Markets Singapore Pte Ltd the Company for the Proposed 8 Marina View Acquisition #21-00 Asia Square Tower One Singapore 018960 U.S. Financial Adviser to the Perella Weinberg Partners LP Company for the Proposed 767 Fifth Avenue Acquisition (solely in the U.S.) New York NY10153 Independent Auditors and KPMG LLP Reporting Accountants to the Public Accountants and Chartered Accountants Company 16 Raffles Quay #22-00 Hong Leong Building Singapore 048581 Partner-in-charge: Ong Chai Yan (a practising member of the Institute of Singapore Chartered Accountants) Independent Auditors to the KPMG LLP Vendor 55 Second Street, Suite 1400 San Francisco, California 94105 Legal Adviser to the Company in David Lim & Partners LLP relation
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