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- Beston Global Food (BFC) has entered a trading halt ahead of a capital raise
- The company produces high-quality ‘farm-to-fork’ food and beverage products to inspire consumers to make healthy and sustainable food choices
- Its products undergo an extensive approvals process and can be found in major retailers such as Woolworths and Costco
- At this stage, it is unclear how much BFC will raise or what the money will be used for
- However, it recently won a $2 million grant to expand production at its lactoferrin plant in South Australia
- Whether or not the upcoming capital raise will support the expansion or further production is not yet known
- BFC last traded at 8.7 cents on Wednesday, December 16
Beston Global Food (BFC) has entered a trading halt ahead of a capital raise.
At this stage, it isn’t clear how much the consumer stock will raise or what it will use the funding for, but details will be released no later than Monday, December 21.
Beston Global Food produces high-quality ‘farm-to-fork’ dairy, meat, and healthy food and beverage products to inspire consumers to make healthy and sustainable food choices.
All of its products undergo an extensive approvals process and can be found in major retailers such as Woolworths, Metcash and Costco.
Yesterday, the company announced appointed Neil Longstaff as a director, effective January 1. Mr Longstaff is replacing Jim Kouts who is resigning at the end of this year.
This follows the recent appointment of Joanna Andrew as Non Executive Director who has replaced Catherine Cooper from the board. Ms Cooper stepped down for for personal family reasons.
Company Chairman Dr Roger Sexton says the recent changes are part of Beston’s ‘normal’ board renewal program which will help to expand the strength of the board.
BFC also recently won a $2 million Regional Growth Fund grant from the South Australia Government.
The grant money will be used to accelerate the stage two expansion of BFC’s lactoferrin plant in South Australia.
This expansion will increase the plant’s production capacity to over 20 tonnes per annum and will capture around five per cent of the growing global market for lactoferrin.
“The expansion will also bring significant benefits to the State’s dairy industry as we continue to increase our demand for milk for processing into high value lactoferrin along with our Mozzarella and cheese products,” CEO Jonathan Hicks said.
Whether or not the upcoming capital raise will support the expansion or further production is not yet known.
BFC last traded at 8.7 cents on Wednesday, December 16.
