Brisbane Markets Limited (BML) is delighted to announce that it has completed a two stage capital raising, securing $38.4 million to fund anticipated ongoing growth.
BML successfully completed a $22.4m placement, which was followed by a rights issue and public offer underwritten by Morgans Corporate Limited, to raise a further $16m. The placement, rights issue and public offer were all priced at $3.20 per share.
As a result of the capital raising, the number of shareholders in the company will increase with 137 new investors taking the total number of Shareholders to just over 300.
The capital raising will support the ongoing development plans of the company, including investment in new refrigerated warehouses and ongoing site upgrading.
The Brisbane Markets is home to the major wholesale, marketing and distribution hub for fresh produce and flowers in Queensland, with over 170 businesses operating from the site and over 4,000 people working or transacting business on site on any trading day. Approximately 600 million kilograms of produce of fresh produce are sold through the site annually to fruit and vegetable retailers, secondary wholesalers, food processors, provedores and exporters.
The Public Offer was heavily oversubscribed, highlighting the confidence which investors have in the strong performance and future prospects of the company.