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Murray Goulburn sets IPO range
Dairy co-operative Murray Goulburn has given an indicative pricing range for offerings that are part of a $500 million capital restructure plan.
Lodging its prospectus today, Murray Goulburn unveiled an indicative price range between $2.10 and $3.20 for the initial public offer and for a separate supplier priority offer.
Chairman Philip Tracy said it was the first time in Murray Goulburn's 65 year history that external investors had been invited to participate in the performance of the dairy group.
"Murray Goulburn is Australia’s largest dairy foods company and is uniquely positioned to participate in the growth of dairy products in Asia," he says in a letter to investors.
Capital raised will be used to further support the group's growth and value creation strategy to improve farmgate returns and market reach, by funding investment in world leading manufacturing capability.
The company expects to raise proceeds of $500 million from the IPO, priority offer and a supplier share offer, which closed on May 25.
The priority offer is expected to open on June 9 and close on June 24, while an institutional bookbuild is set for June 29 and June 30. The final price and allocations will be announced around July 3.
Investors in the initial public offering will receive units as part of a new MG Unit Trust, a special purpose funding vehicle which will be listed on the Australian Securities Exchange.
The existing 100 per cent farmer control of Murray Goulburn will remain unchanged as unit holders will not have voting rights in the dairy group. |
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