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Farm group AgroGeneration unveils $14 mln share offer
01.07.2011 15:23 "Agro Perspectiva" (Kyiv) —
French farm operator AgroGeneration launched on Wednesday a public share offer to raise 10 million euros ($14.16 million) to finance grain storage in Ukraine and its planned entry into Argentina.
The company, which turned a profit for the first time in 2010, said it wants to double its storage capacity in Ukraine to support its local grain production, and develop 50,000 hectares of farmland in Argentina with a future partner.
The group is proposing nearly 4.9 million new shares at 2.05 euros each, a discount of 10.9 percent on Monday’s closing price and an 8.1 percent discount on the average share price between May 31 and June 27, AgroGeneration said in a statement.
The discount was intended to be attractive for potential investors given that the offer was not underwritten by a bank or a core shareholder, it said.
The capital increase could reach 11.5 million euros, or 5.6 million new shares, if an extension clause is used, and 13.2 million euros, or just under 6.5 million new shares, if an over-subscription option is exercised.
The basic offer would represent 14.58 percent of AgroGeneration’s capital, raising its free float to 34 percent.
AgroGeneration’s main owners are currently GreenAlliance, a venture between French entrepreneurs Charles Beigbeder and Alain Mallart with a 36 percent stake, followed by investment fund Aloe private Equity at 18 percent, and France’s largest grain cooperative Champagnes Cereales at 9.7 percent.
In morning trade on Wednesday, AgroGeneration shares were down 2.6 percent at 2.24 euros, putting the company’s market current capitalisation at about 64 million euros.
In Ukraine, the company said it wants to build, renovate or acquire two grain silos by 2013 on top of its current storage capacity of 76,000 tonnes, to address logistical bottlenecks in the country and to be less dependent on large trading houses.
It reiterated its aim to double the area it cultivates in Ukraine to 100,000 hectares by the end of 2012.
In Argentina, the French group confirmed plans to partner with a local company, either through a joint venture or a direct stake, by the end of this year, after already carrying out a pilot of maize and soybean production over 7,00 hectares.
The share offer closes on July 12 at 1500 GMT and the new shares are due to be issued on July 19 ($1=.7062 Euro).
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