Organic Food major Wattle Health Australia issues an update on Blend & Pack Acquisition

Wattle Health Australia Limited (ASX: WHA) is on the journey to becoming known for offering sustainable, organic products of superior quality targeting people across all age groups. Wattle Health uses natural ingredients with a focus on preserving nutrients.

The company earlier this year had announced to the exchange that it had entered into a conditional purchase agreement with a 100 percent owned subsidiary of Mason Holdings to acquire an additional 46 percent of Australia’s largest and independent nutritional dairy manufacturer, Blend and Pack (B&P) for a total consideration of A$ 46 million. Further, the company had confirmed its funding for the deal, to be raised through a private placement debt issue. The issue is to be managed by the international capital advisory firm, Exotix Capital.

Today, the company provided an update on the status of the deal. Post an extensive global marketing process; the company reports that a significant number of international funds have signed non-disclosure agreements and are in constant discussions with WHA and Exotix while they wrap up the investor due diligence process.

Furthermore, the company stated that the management presentations and investor site tours are planned to commence on 19 April 2019. Also, during this time period, the company has been working to finalise all other condition precedents required to finalise the transaction, including new shareholder agreements and a notice of meeting.

The shareholders are expected to receive Notice of Meeting to be dispatched by no later than 10 May 2019, and a planned meeting on 13 June 2019. Also, the company reports an Amendment to the purchase agreement to extend the completion date to 15 June 2019.

On 11 April 2019, the company informed the shareholders about the appointment of Mr. Kobe Li as Company Secretary. On 16 January 2019, Mr. Le was appointed to the board of WHA as an Independent non-executive director. The newly appointed company secretary has spent eight years with the Australian Securities Exchange Listings Compliance team as a Senior Advisor. He is also a member of the Governance Institute of Australia. Further, the company reports that Mr. George Karafotias had resigned as Company Secretary; however he continues to be the Chief Financial Officer. The appointment of the new Company Secretary would enable Mr. Karafotias to focus on his chief role of being the CFO.

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WHA has delivered a negative return of 55.33 percent in the past one year. Further, the stock has delivered -29.86 percent, -26.37 percent, and -14.94 percent in the past six months, three months, and one-month respectively.

The shares of WHA are last trading at $0.750 on ASX (As at Fri 15 April 19, AEST 1:25 PM), up by 1.35 percent as compared to the previous day’s closing price. The market capitalisation of the company stands at $143.93 million. The 52-week high price is $1.884, and the 52-week low price is $0.720. As per the lasted updated ASX data, the EPS stands at -$0.051.


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