Freedom Foods plans $130m equity raising to expand nutritional ingredients operations
Freedom Foods Group has announced plans to raise $130 million in equity to grow its nutritionals ingredients range.
The ASX-listed company said the plan to accelerate the business required significant capital investment and patience.
“We will continue to invest to achieve this outcome, compared to an Australian food and beverage industry that has significantly underinvested over the past 20 years,” the company said.
Freedom Foods is offering shareholders one fully paid ordinary share for each 18 held at $4.80 each to raise $65 million. This price represents a 5.5 per cent discount to the volume-weighted average share price of Freedom Foods over the past 20 trading days.
The remaining capital will be placed with institutions at the same price.