Investment Opps


Investment Opps, Equity

Costa Group Holdings Limited, Australia’s leading grower, packer and marketer of fresh fruit and vegetables today announced the successful completion of the institutional component of its 1 for 4 pro rata accelerated renounceable entitlement offer. It raised $87m, with 88% of institutional shareholders taking their entitlements.

The bookbuild cleared at a price of $2.30 per New Share, which represents a premium of $0.10 to the Offer Price of $2.20 per New Share.

The retail component of the Entitlement Offer is expected to raise approximately $90million. The Retail Entitlement Offer will open at 9.00am (AEDT) on Wednesday, 6November 2019 and close at 5:00pm (AEDT) on Monday, 18November 2019.

Under the Retail Entitlement Offer, eligible retail shareholders are being offered the opportunity to subscribe for 1New Share for every 4 existing shares held as at the Record Date (7:00pm (AEDT) on Thursday, 31 October), at the Offer Price of $2.20 per New Share.

UBS AG, Australia Branch are acting as sole lead manager, bookrunner and underwriter to the Entitlement Offer.

Further details are available here.

Costa is Australia’s leading grower, packer and marketer of fresh fruit & vegetables and operates principally in five core categories: berries, mushrooms, glasshouse tomatoes, citrus and avocados. Operations include approximately 4,500 planted hectares of farmland, 30 hectares of glasshouse facilities and seven mushroom growing facilities across Australia. Costa also has strategic foreign interests, with majority owned joint ventures covering six blueberry farms in Morocco and three berry farms in China.

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