C&C trading to commence

C&C Group plc is to commence conditional dealing in Dublin with an opening price of €2.26 per share.

Setting shares at this price will give C&C a market capitalisation of about €725m. Top brands at the drinks and snacks company include Bulmers, Ballygowan, Club Orange and Tayto.

A global offer of 176,000,000 ordinary shares, representing a value of €398m, will be issued by C&C to institutional investors, with an over-allotment option of up to 10%.

Directors and certain of the group's senior management will receive redemption proceeds of €9 million and retain approximately 4.4% of the issued share capital of C&C, with a lock-in clause of 360 days.

Conditional dealings are to start at 9am today. Unconditional dealings are to start on Wednesday, May 19.

Maurice Pratt, CEO said: "We view the prospects of C&C with confidence and look forward to starting life as a public company."

C&C's head office is located in Dublin with its principal manufacturing and distribution facilities located in Clonmel, Cork, Dublin and Newcastle West.

The group had an average of 2,003 employees for the year to 29 February 2004.