As shareholders would be aware, the Brisbane Markets are continuing to experience ongoing demand for new warehouse space. This is evidenced by the recent announcement highlighting the agreement reached with Montague for the construction of a new purpose-built warehouse.
This growth has seen net assets of the company increase from $32.9 million in June 2004 to $148.4 million in June 2017. At the same time, total assets increased to $330.7 million.
The purpose of this Circular is to confirm the BML Board’s intention to progress a capital raising to support ongoing growth of the company. The structure of the capital raising is under consideration by the Board and could include a rights issue, together with an additional raising targeting fruit and vegetable industry based shareholders, and other strategic investors who meet the sophisticated investor requirements under the Corporations Act.
While the BML Board is yet to finalise the details of the capital raising, it is likely that the amount to be raised will be up to $33 million, and that the indicative pricing is expected to be in the range of $3.20 – $3.30 per share.
This circular is for information only, and no action is required at this stage. BML will issue further information at the appropriate time, which will include any required disclosure documents providing the relevant information to assist you in relation to any investment decision which you make. Where a disclosure document is required, anyone wishing to participate under that offer will need to apply under that document.
It is expected that this will occur over the coming 4 – 6 weeks.
Andrew Young
Chief Executive Officer