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Highlights:
- CCEP aims to enhance market visibility and liquidity by transferring its UK listing category.
- The company anticipates potential eligibility for the FTSE UK Index Series following the transfer.
- CCEP remains committed to its global listings, maintaining both euro and US dollar trading facilities.
- Enhancing market visibility, improving share liquidity, and expanding investor access are key motivations behind CCEP's strategic listing move.
Coca-Cola Europacific Partners (CCEP) is one of the world's leading consumer goods companies, specializing in the non-alcoholic ready-to-drink market across 31 countries, including regions in Western Europe and Australia, as well as the Pacific and Southeast Asia. The company boasts a portfolio of beloved brands such as Coca-Cola, Fanta, Sprite, and Monster, which collectively serve nearly 600 million consumers and over 4 million customers.
In a significant update, CCEP has confirmed its intention to transfer the UK listing category of its ordinary shares from the Equity Shares (Transition) category to the Equity Shares (Commercial Companies) category. This move follows the recent implementation of new Listing Rules by the Financial Conduct Authority (FCA), effective from July 29, 2024. The transfer is slated to take effect at 8:00 AM GMT on November 15, 2024.
This transition is crucial for CCEP, as it paves the way for potential eligibility for admission to the FTSE UK Index Series, subject to FTSE approval and a sufficient volume of trading in its ordinary shares on UK equity trading venues. The company has reassured stakeholders that no shareholder approval is required for this transfer, in accordance with UK Listing Rule 21.5.7.
CCEP’s history is rooted in the merger of Coca-Cola Enterprises, Coca-Cola Iberian Partners, and Coca-Cola Erfrischungsgetränke, which created the world’s largest Coca-Cola bottler by revenue. The company has experienced robust organic growth since its formation in 2016, operating over 90 production sites and generating substantial revenues of €18.3 billion in FY23, compared to €17.3 billion in FY22. The operating profits also reflect a steady increase, highlighting the company’s operational efficiency and market demand.
The decision to upgrade its listing category is driven by the significant growth and expansion CCEP has undergone since its inception. Management believes that this strategic move will enhance the company's profile within the UK and Europe, thereby attracting a broader investor base. Improved liquidity of shares traded through UK equity venues is also anticipated, benefiting both current and potential shareholders.
Importantly, CCEP remains committed to maintaining its listings on NASDAQ, Euronext (Amsterdam), and various Spanish Stock Exchanges, ensuring that trading facilities in both euros and US dollars will continue to be available.
In a nutshell, CCEP's strategic listing transition is poised to bolster its market position and create new opportunities for growth. As the company moves forward, stakeholders can expect ongoing updates regarding its progress toward FTSE admission and other developments in its journey.
