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Wide Open Agriculture (ASX:WOA) - Managing Director, Ben Cole - The Market Herald
Managing Director, Ben Cole
Source: Wide Open Agriculture
  • Wide Open Agriculture (WOA) has opened a $1.5 million share purchase plan (SPP) to complement its recent $7 million placement
  • The funds raised under both offers will be used to advance works on WOA's manufacturing facilities as well as other growth initiatives
  • SPP shares will be issued at 90 cents each, representing a 17.5 per cent discount to the five-day volume-weighted average price on October 7
  • WOA will soon launch its OatUp regenerative oat milk nationally, with product manufactured in Europe from local WA produce
  • The building of local manufacturing capabilities will potentially enhance WOA's bottom line by eliminating transport costs, while also providing further upside for its green credentials
  • Wide Open Agriculture closed Monday's session 1.02 per cent lower at 97 cents

Wide Open Agriculture (WOA) has opened a $1.5 million share purchase plan (SPP) to complement its recent $7 million placement.

The funds raised under both offers will be used to advance works on WOA's manufacturing facilities as well as other growth initiatives.

SPP

SPP shares will be issued at 90 cents each — the same price as the placement — representing a 17.5 per cent discount to the five-day volume-weighted average price of WOA shares on the record date of October 7.

Eligible shareholders will be able to purchase parcels of shares in six discrete amounts, between $500 and $30,000.

The offer is non-renounceable and is not underwritten.

In the case of a shortfall, and subject to any necessary shareholder approval, excess shares may be issued under a private placement.

In the case of an oversubscription, the company's directors may scale back any applications to the nominated target.

Outlook

The funds will be used to develop various arms of WOA's operations.

According to the company, the money will go towards "the design, build and operation of a pilot-scale lupin protein manufacturing facility; the design, build and operation of a commercial-scale oat milk facility and the development of an ethical meat and digital platform, for working capital and the costs of the offer."

WOA will soon launch its OatUp regenerative oat milk nationally, with product manufactured in Europe from local WA produce.

The building of local manufacturing capabilities will potentially enhance WOA's bottom line by eliminating transport costs, while also providing further upside for its green credentials.

The SPP will close on or around November 4.

Wide Open Agriculture closed Monday's session 1.02 per cent lower at 97 cents.


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