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Premium Brands Holding Corp. Common Share New Issue

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Premium Brands has issued $200M common shares at $97.55

Q3-2020 Earnings Update (Nov/12/2020)

Premium Brands Holdings (PBH) owns a broad range of branded specialty food processing, food wholesaling and food distribution businesses with operations in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, Nova Scotia, Nevada, Ohio, Arizona, Minnesota, Mississippi, California and Washington State. Revenues are reported in two segments; Specialty Foods comprise 70% of revenues and 65% of gross profit and Premium Foods contributes 30% of revenues and 35% of gross profits. Approximately 70% of sales are from Canada and 30% from the US. The Specialty Foods segment's sales are to: (i) retailers, including delicatessens, small specialty grocery chains, convenience stores, gas bars, large national and regional grocery chains and warehouse clubs; and (ii) caf├ęs selling convenience type grab-and-go foods such as fresh pre-made sandwiches, wraps and pastries. Acquisitions for the 2018-2019 period totaled $1B and are on track for another $0.6B for 2020. This includes the acquisition of a 50% interest in Clearwater Seafoods for $500M(50% share) in Nov-2020. Total assets are forecast to increase to $3.5B at Dec-31-2020 from $856M as Dec-31-2015. Revenues peak in the spring and summer months due to favourable weather conditions and decline in the fourth quarter due to a return to poorer weather conditions.

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