May 21, 2012
The Peanut Company of Australia has appointed brokerage house RBS Morgans to raise up to $15 million from “strategic investors”.
In a letter to shareholders, Chairman Ian Langdon said the PCA Board wanted to reduce debt and undertake a “limited capital expenditure program” to provide “additional operating efficiencies”.
RBS Morgans will seek expressions of interest from potential investors.
“The PCA Board would prefer that any capital-raising opportunity be offered to existing shareholders as well, but this will ultimately depend on the response to the EOI process,” Mr Langdon said.
The Kingaroy-based company has been trying to reduce debt following its failed expansion into the Northern Territory.
“Regardless of the outcome of the equity-raising process, PCA is confident of the future given its exit from the Northern Territory assets and resulting debt reduction, and the prospects of increased volumes from the current harvest,” Mr Langdon said.
Mr Sawyer joined PCA in September 2009 and was appointed to the Board in May 2010. He formerly worked at both Golden Circle and Dairy Farmers.
Mr Langdon said Mr Sawyer had decided to travel with his family throughout Europe for an extended period but would still be available on a reduced time basis to work with PCA’s customer base.
