News blog
China Food Company
- BY: Andrew Hore |
- POSTED: 16/06/2010 |
China Food Company is raising up to £1.5m convertible loan notes with an 8% interest rate.
Subscribers already include Albany Capital and Amati Global. The conversion price of these C notes is 50p a share. The company’s A notes have been admitted to trading on Plus-quoted. The B notes are unquoted.
The soya sauce manufacturer’s non-executive chairman John McLean is also a director of Albany Capital. He, therefore, has a fully diluted stake in CFC of 14.78%.
Trading is in line with expectations and the recovery is set to continue. Production will commence at the new plant on 1 July. This will increase capacity by 50% to 150,000 tonnes. The first shipment will be in early autumn. This will help CFC to enter new regional markets in China.
There is scope to add a further 50,000 tonnes to capacity. A new bank facility is being secured to finance further expansion.
The animal feed business is recovering but depressed pork and poultry prices are limiting the improvement.
At 37.5p a share, CFC is valued at £24.9m.
Download the June edition of AIM Journal at http://www.hubinvest.com/AIMPDFJune2010_9.pdf .
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