Livestock Improvement lifts stake in UK’s Milk Records

Livestock Improvement Corp, or LIC, is to increase its holding in National Milk Records (NMR) to 17.2 percent from 2.6 percent after agreeing to subscribe for shares to allow the UK farm management recording services to fund its …June 26 (BusinessDesk) – Livestock Improvement Corp, or LIC, is to increase its holding in National Milk Records (NMR) to 17.2 percent from 2.6 percent after agreeing to subscribe for shares to allow the UK farm management recording services to fund its exit from a pension fund.

LIC will buy 4 million shares in NMR at 65 pence apiece, or 2.6 million pounds. NMR, whose shares trades on the NEX Exchange Growth Market, faces a total cost of 14.8 million pounds to exit the Milk Pension Fund, according to an NMR statement. Exiting its liabilities to the fund would allow NMR to attract new investment and focus on its core businesses, it said.

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