After struggling with last year’s ban on live cattle exports to Indonesia and dry weather earlier this year causing a drop in animal values, the Australian Agricultural Company (AACo) has revealed talks with underwriters and plans for a possible capital raising to support the company’s strategy of becoming a vertically integrated company supplying red meat to the global market and to Asian markets in particular. The company also has plans for an abattoir in Darwin, northern Australia to complete its control over the beef supply chain. The structure, size and type of any raising has not been finalized as of yet. AACo has also revealed that its third largest shareholder, Wellington Management has sold down its share from 8.1% to 6.5% by selling approximately five million shares worth approximately A$5.7 million.
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