23 Jul 2010 07:00
23 July, 2010
Origo Partners PLC
RMWAH AUD23 million fund raising
Origo Partners Plc ("Origo") is pleased to announce that its portfolio company R.M. Williams Agricultural Holdings Pty Ltd ("RMWAH" or the "Company"), the Australian agricultural company focused on acquiring, developing and operating prime farmland, has raised AUD23 million of debt and equity to fund the acquisition of assets and livestock, expand its organic chicken business and for other corporate purposes.
The fund raising comprises an expansion of the Company's current credit facilities by AUD18 million in conjunction with one of the Company's existing shareholders exercising an option to acquire AUD5 million worth of additional equity in the business.
The proceeds raised will be used primarily for asset and livestock acquisition and to fund the growth of RMWAH's organic chicken business as well as general working capital. Today's fund raising follows a AUD45 million equity issuance between December 2009 and April 2010, primarily to fund the acquisition of various properties in the Northern Territory of Australia.
RMWAH's land-bank now stands at 144,537 hectares, comprising both prime irrigated farmland in Queensland, dedicated primarily to organic feed and chicken production, and beef producing properties on natural pastoral lands in the Northern Territory. Having reached EBITDA break even, for the month of June 2010, RMWAH's organic chicken operation is now poised to take advantage through expansionary development.
Origo holds 34,215,029 shares in RMWAH, equivalent to approximately 20% of the voting rights of the Company. The stake was carried in Origo's 2009 accounts at AUD0.70 per share. The new share issuance was completed at AUD0.85 per share.
For further information about Origo please visit www.origoplc.com or contact:
| Origo Partners plc Chris Rynning (chris@origoplc.com)
Niklas Ponnert (niklas@origoplc.com)
|
+86 1390 124 6417
+86 1351 106 1672 |
| Nominated Adviser and Broker: Liberum Capital Limited Simon Atkinson / Ellen Francis
| +44 (0)20 3100 2222 |
| Public Relations: Aura Financial Andy Mills | +44 (0)20 7321 0000 |
Notes to editors:
Origo Partners Plc:
·; Origo is an established, London-listed private equity investor and strategic consultancy business, which provides its shareholders with exposure to growth opportunities and private equity returns based on the China growth story.
·; Origo's business model is to generate capital gains from private equity investment in growth companies from which it also generates fees for consultancy services related to further fundraisings, M&A and strategic development.
·; Origo has a significant portfolio of investments in a range of industrial sectors, including metals and mining, agriculture, renewable energy/clean tech and technology, telecom and media ("TMT").