China Food Company was formed when Full Fortune reversed into Vestpa on 10 December 2007 in a cash and shares deal that valued the acquisition at £25.2m. Vestpa was a shell floated by Aim-quoted Albany Capital, which retains a 20% stake in the company. Vestpa joined Aim on 12 July 2007, when it raised £3.02m net at 1p a share. A one-for-40 share consolidation was undertaken at the time of the reversal. At the same time China Food raised £5m gross (£4.1m net) at 30p a share in order to help fund the cash element of the purchase price. China Food supplies condiments including soya sauce, vinegar and bean paste. It also operates a business supplying animal feeds.
Sector: Food
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