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Beston Global Food Company to launch IPO

SeafoodBeston Global Food Company (BFC) has lodged a prospectus with ASIC in relation to its impending IPO.

BFC has been established to hold selected assets and investments in the food and beverage industry, predominantly in Australia but also strategically in several overseas countries.

BFC will operate as a branded food company which, through its stable of investments, will aim to provide high quality, safe, clean (natural and/or organic) differentiated food and beverage products to consumers with ingredient integrity and a secure supply chain and thereby provide them with an authentic, genuine, healthy food experience.

BFC Chairman Roger Sexton said BFC had been formed out of a three-year vision to take healthy eating to the world’s growing communities with Australia’s best food and beverage products.

“Our goal is to be recognised as a reliable, high quality and consistent provider to burgeoning global consumer markets which are becoming increasingly concerned about issues of food safety,” Sexton said.

The company’s business model involves a closed loop integrated supply structure whereby BFC owns farms, production quotas and related property rights to harvest raw materials; holds equity interests in food production companies; and owns and controls direct-to-market distribution arrangements in key markets to enable value-add and margin creation at each step in the supply structure.

BFC CEO, Sean Ebert, said the business would continue to grow and expand its portfolio of investments in the dairy, seafood, meat and health food industries through a combination of organic growth and targeted investments.

“Some of the key features of all our investment partnerships to date are a focus on making investments in businesses which have strongly established premium brands, lead the market through continual innovation, have self-sustainable production methods and also employ best practices in resource usage and waste management in order to deliver naturally verifiable and safe food to customers,” Ebert said.

The offer is expected to open on July 21, 2015 and close on August 11, 2015, with an anticipated commencement of trading on the ASX of August 21, 2015.

The maximum amount to be raised under the offer is $130m at $0.35 per share, with an implied market capitalisation of $157 million.

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