Bega Cheese Limited
(ASX:BGA) has announced it plans to raise $160 million via an institutional placement and a share purchase plan (SPP).
The dairy company plans to use the proceeds to improve its financial flexibility so it can take advantage of future growth opportunities in the dairy and food industry.
Each eligible shareholder will be able to take advantage of the $37.5 million share purchase plan, which is not underwritten by subscribing to up to $15,000 shares at $5.25 each.
That represents a 10 cent discount to the issue price under the institutional placement, while it’s a 10.4 per cent discount to the 5 day WAP of $5.86.
The company also confirmed its normalised unaudited EBITDA for FY17 will be about $67.4 million.
Shares in Bega Cheese Limited
(ASX:BGA) have entered into a trading halt.
