Sanderson Farms, Inc. (NASDAQ:SAFM) today announced that it will file today a Form S-3 “shelf” Registration Statement with the Securities and Exchange Commission to register for possible future sale shares of the Company’s common and/or preferred stock at an aggregate offering price not to exceed $1 billion. The stock may be offered by the Company in amounts, at prices and on terms to be determined by the board of directors if and when shares are issued.
Joe F. Sanderson, Jr., chairman and chief executive officer of Sanderson Farms, Inc., stated, “Our purpose with this filing is to make available to the Company shares that could be used in connection with future acquisitions and other strategic opportunities as they may present themselves. We have no current agreements, plans or discussions to offer any of the registered shares for sale. Our purpose does not include raising cash solely for liquidity, as the Company’s financial position remains strong.”
Sanderson Farms, Inc. is engaged in the production, processing, marketing and distribution of fresh and frozen chicken and other prepared food items. Its shares trade on the NASDAQ Stock Market under the symbol SAFM.
These securities may not be sold, nor may offers or orders to buy the securities be accepted before the registration statement becomes effective. This press release is neither an offer to sell nor a solicitation of an offer to buy any of these securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful. Any offers, solicitations of offers to buy or sales of securities will only be made pursuant to the registration statement filed with and declared effective by the SEC, including the prospectus and any related prospectus supplement.
This press release contains forward-looking statements based on management's current views and assumptions. Actual results and events may differ. For a discussion of these matters, please refer to the "Cautionary Statement Regarding Risks and Uncertainties That May Affect Future Performance" in Item 7 of the Company's 2007 Annual Report on Form 10-K and please refer to the cautionary statement found in Management's Discussion and Analysis of Financial Condition and Results of Operations under the heading "General" in Part I, Item 2 of the Quarterly Report on Form 10-Q for the Company's third quarter ended July 31, 2008.
Contacts:
Mike Cockrell, 601-649-4030
Treasurer
& Chief Financial Officer
