Circular to Shareholders

Capital raising 2

As previously advised in the Circular to Shareholders dated 18 April 2018, the Brisbane Markets are continuing to experience ongoing demand for new warehouse space. This was evidenced by the recent announcement highlighting the agreement reached with Montague for the construction of a new purpose-built warehouse. The contract to progress the construction of this warehouse has now been executed, with the construction work due to commence in late June.

The purpose of this Circular is to confirm that the BML Board has determined to progress a capital raising to support this ongoing growth. This will include a rights issue and public offer, 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.

Please note that the BML Board has confirmed that the issue price will be $3.20 per share, payable in two instalments, with the final instalment of $1.60 per share payable on 15 April 2019. The company will be seeking to raise between $33 million and $38.4 million in total.

The initial component of the raising is by way of an excluded offer to a limited number of selected sophisticated investors, which is now progressing. This will be followed by the issue of a Prospectus to all existing shareholders in approximately five weeks’ time.

Under the Prospectus, existing shareholders will be offered shares under a rights issue. There will also be a public offer under the Prospectus for new investors and those interested in applying for additional shares.

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 the required Prospectus providing the relevant information to assist you in relation to any investment decision which you make. Anyone wishing to participate under that offer will need to complete the application form that will accompany the Prospectus.

Andrew Young
Chief Executive Officer


For more information on your investment in Brisbane Markets Limited, please call our Corporate Department on (07) 3915 4200 or email via the button below.