Bega Cheese’s share price plunged despite adding 27.8 million new shares to the registry

Bega Cheese share price has drastically fallen on ASX today. Following the trading halt placed on 10 September 2018 as Bega Cheese’s stock resumed trading this morning, BGA share price tumbled notably lower. Currently, i.e. 12 September 2018 (2:31 PM AEST), Bega Cheese’s share price is down 5.409% to $7.170.

This comes a day later than the company has announced the successful completion of $200 million of a non-underwritten institutional share placement. The company told that under this institutional placement it has offered 27.8 million new shares at an offer price of $7.58, representing 5% discount to the last close price. [optin-monster-shortcode id=”wxhmli4jjedneglg1trq”]

The proceeds are reported to gear up the company’s balance sheet, significantly bringing down the debts resulting from Koroit Facility’s $250 million acquisition. As this year the company has acquired SDA’s Koroit Facility which has the access to a milk pool of around 2.0b litres in Western Victoria.

Following the institutional placement’s success Bega Cheese’s Executive Chairman, Mr. Barry Irvin, stated that this capital raising ensures company is appropriately geared should further opportunities arise.

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