Pure Foods Tasmania (ASX: $PFT) entitlement offer announcement

Pure Foods Tasmania Ltd (ASX: $PFT) has announced the launch of a non-renounceable, non-underwritten rights issue to potentially raise $2.2 million. The key purpose of the offer is to fund working capital, new capital investments, and ongoing due diligence on acquisition targets. The issue price for the new shares under the rights issue is $0.04 per new share, with eligible shareholders offered 1 new share for every 2 fully paid ordinary shares held on the record date of 6 May 2024.

Executive commentary on entitlement offer

The Rights Issue will enable Pure Foods Tasmania to continue its growth trajectory through acquisitions, organic sales support, and production efficiency improvements. The company aims to invest in automation for margin and capacity improvement, drive marketing initiatives, and explore new product development opportunities. The participation of PFT Directors in the Rights Issue demonstrates their confidence in the company's strategic direction and future prospects.

Summary of Pure Foods Tasmania (ASX: $PFT) entitlement offer

Pure Foods Tasmania's entitlement offer aims to raise funds for working capital, new capital investments, and ongoing due diligence on acquisition targets. The company plans to accelerate growth, drive production efficiencies, and explore product expansion opportunities. The Rights Issue, with an issue price of $0.04 per new share, is non-renounceable and subject to the terms set out in the Rights Issue Booklet. The participation of PFT Directors in the Rights Issue further underscores their commitment to the company's growth and development. The indicative timetable and additional information regarding the capital raising can be found in the Investor Presentation released to the ASX. Pure Foods Tasmania's strategic focus on enhancing and promoting Tasmania's premium food and beverage businesses remains central to its corporate strategy and future outlook.