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Freedom Foods Group Ltd Announces Placement And Entitlement Offer

Tuesday, 9 Apr 2013 07:33pm EDT 

Freedom Foods Group Ltd to announced that it has successfully placed approximately 14.2 million new FNP fully paid ordinary shares at $1.04 per share (New Shares) to institutional and sophisticated investors to raise approximately $14.7 million of additional capital (Placement). The New Shares will rank equally with the existing ordinary shares (Shares) from the date of issue except they will not be entitled to receive the dividend of $0.01 announced in February and payable on May 31, 2013. The Placement will be finalised and shares issued on April 18, 2013. In conjunction with the Placement, the Company announced an approximate $2.7 million, 1 for 42 non-renounceable entitlement offer (Entitlement Offer) at a price of $1.04 per share. Further details regarding the Entitlement Offer will be released shortly. The shares issued pursuant to the Placement will be eligible to participate in the Entitlement Offer. The proceeds of the Placement and Entitlement Offer will be used to fund the Company‚Äôs growth strategy including acceleration of capital projects within Freedom Foods and Pactum Australia, new product initiatives, acceleration and expansion of international sales activities and additional working capital requirements. The Placement has been arranged by Veritas Securities Limited. 

Company Quote

24 Nov 2014