Murray River Organics announces underwritten $30.6 million Accelerated Renounceable Entitlement Offer News09 Oct 2018

Murray River Organics (ASX:MRG) has announced that it will undertake a pro-rata accelerated renounceable entitlement offer (“Entitlement Offer”) of New Shares at an Offer Price of $0.10 cents per share to raise approximately $30.6 million in new equity.

 

Shaw and Partners has fully underwritten the offer.

 

Eligible shareholders are entitled to apply for 2.4 New Shares for every 1 fully paid Ordinary Share.

 

The Offer is being undertaken to support the company’s turnaround strategy and to fund the needs of this growing business.

 

Murray River Organics has already embarked on a number of initiatives including restructuring the management and teams at the processing facilities, completed a review of farming operations, completing a review of category performance and growth options and selling non-core assets. Based on the work completed by the management team, the proceeds of the Offer are expected to provide the business with sufficient capital to execute its turnaround strategy.

 

For more information, please contact your Shaw and Partners Adviser

 

Disclaimer

The prospectus is dated 9 October 2018 and was lodged with ASIC on that date. he Prospectus is issued by Murray River Organics Group Limited (ACN 614 651 473).  The Offer constituted by this Prospectus in electronic form at the Murray River Organics website and is available only to persons within Australia and certain persons in other jurisdictions authorised by the Company. Persons who access the electronic version of this Prospectus should ensure that they download and read the entire Prospectus.

 

 

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