Select Harvests Wraps Up Retail Entitlement Offer, Marking the Successful Conclusion of $80 Million Equity Raising

Select Harvests Limited (ASX: SHV) has announced the successful completion of the retail component of its fully underwritten 1 for 9.2 accelerated non-renounceable entitlement offer. The retail offer raised approximately $18.3 million, concluding the company’s broader $80 million equity raising effort, which also included a placement and institutional entitlement offer. The process was led by Bell Potter Securities Limited and Barrenjoey Markets Pty Limited.

Funds from this initiative will be allocated towards debt reduction, increased facility headroom, capital investments to boost processing capacity, and associated transaction costs.

Retail Entitlement Offer Delivers Results, Securing Key Investments

The retail entitlement offer closed on 10 October 2024, with eligible retail shareholders applying for approximately 0.7 million new shares, representing a 14% participation rate. All applications, including those under the 'Top-Up Facility,' were accepted by the Board. The remaining shares not taken up by eligible shareholders, totaling around 4.1 million, will be allotted to sub-underwriters.

The newly issued shares will rank equally with existing SHV shares, with settlement expected on 16 October 2024. Trading of these shares will commence on 18 October 2024.

Outlook and Strategic Focus

Select Harvests continues to position itself for growth and operational efficiency, leveraging the proceeds from the equity raising to manage debt and invest in capacity expansion. With a strong presence in the global almond market, SHV remains focused on delivering sustainable shareholder value while expanding its processing capabilities.

Further details about the equity raising and future strategies will be shared in SHV's upcoming investor presentations.