Farm Pride Food (ASX:FRM) Loan Conversion Announcement

Farm Pride Foods Ltd (ASX:FRM) has announced that interests associated with Mr George Palatianos, a Director of the Company, have agreed to convert all of their existing loans provided to the Company to ordinary shares in the Company at an issue price of $0.10. This conversion will result in the issuance of a total of 9,150,000 fully paid ordinary shares. The aggregate holdings of entities associated with Mr Palatianos are expected to increase from 27.18% to 30.12% upon conversion, subject to compliance with exception 9 of section 611 of the Corporations Act limits. The proposed conversion is also subject to shareholder approval under the ASX Listing Rules, with further details to be included in a Notice of Meeting to be sent to shareholders in due course.

Executive Commentary on Loan Conversion

The Company is pleased to announce the agreement to convert the existing loans to equity, demonstrating the commitment of Mr George Palatianos and associated interests to further align their position with the Company's growth and success. This conversion will provide additional capital support and strengthen the Company's financial position, enabling us to pursue our strategic initiatives and continue our focus on meeting the evolving market demands for cage-free eggs. We look forward to seeking shareholder approval and providing further details in the forthcoming Notice of Meeting.

Summary of Farm Pride Food (ASX:FRM) Loan Conversion

Farm Pride Foods Ltd (ASX:FRM) has reached an agreement for the conversion of existing loans to equity, with interests associated with Mr George Palatianos, a Director of the Company. The conversion will result in the issuance of 9,150,000 fully paid ordinary shares at an issue price of $0.10. This move is expected to increase the aggregate holdings of entities associated with Mr Palatianos from 27.18% to 30.12%, subject to compliance with regulatory limits and shareholder approval. The Company's commitment to environmental, social, and corporate governance responsibility remains strong, and the conversion is anticipated to provide additional capital support for the Company's strategic initiatives and growth plans.