The board of Nisa-Today’s has voted unanimously to proceed to the next stage of a process that would lead to a separation of the wholesale arm from the rest of the business at the beginning of 2012.
The board’s decision followed consultation with the wholesalers who are members of the Today’s Group. They were asked whether they wanted to leave and continue their buying group in a separate company, and they voted strongly in favour of the proposal. Around two thirds of Today’s Group members voted and more than 90% were in favour of the separation.
The Nisa-Today’s board will meet again on September 1 to formally consider the matter, and if it is approved, it will result in a recommendation to shareholders to vote for the separation at the group’s annual general meeting on September 28.
For the separation to go ahead a simple majority of shareholders voting at the meeting will be required.