Farm Pride Foods Limited (AU:FRM) has released an update.
Farm Pride Foods Limited is set to raise approximately $6.17 million through a non-renounceable rights issue, offering three new shares for every seven held at a price of $0.10 each. The offering, which is eligible to certain shareholders, is fully underwritten by Willow Heights Pty Ltd. Shareholders not participating will face dilution of their interest, while the underwriter’s influence, linked to director George Palatianos, could significantly increase if the rights issue is not fully taken up by other shareholders.
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