CropLogic’s ASX float
The New Zealand-based predictive decision support system business CropLogic is due for a listing on the Australian Securities Exchange next week on September 12.
The company has enjoyed a solid response to its initial public offering (IPO) which was fully subscribed last month with offers exceeding its $8 million capital raising target.
Its pre-IPO in May was also over-subscribed and raised $11m.
CropLogic, which has field sensing technology developed during 30 years by NZ research bodies and 600 field trials internationally, has issued 40m ordinary shares at 20 cents each.
Managing director, Jamie Cairns said the ASX listing would set the foundation for international growth plans, including funding market development, research and development and provide a healthy level of working capital.”
Kiewa Milk reborn
The Murray Goulburn co-operative has confirmed Kyvalley Dairy Group will purchase its Kiewa Country brand and some associated milk processing and packing assets.
The Kyvalley Group is owned by the local Mulcahy family which intends to relaunch the northern Victorian brand after MG stopped packing milk at its Kiewa factory in July.
The sale deal is understood to exclude the main Kiewa factory site, one of three plants being closed as part of broad rationalisation moves by MG.
Dairy nutritional powder and organic baby food business youngster, Bubs Australia, has completed an institutional share placement, raising about $15.9 million at 45 cents a share.
Proceeds from the capital raising, which results in about 35m extra shares on the market next week, will be used to improve Bubs working capital to take advantage of future growth opportunities.
The company’s exclusive partner and an authorised distributor in China, the Shanghai-based Brilite Nutritionals, was one of the institutional investors taking a stakeholding.
Bubs chairman, Dennis Lin, said Brilite “shares our vision for expansion plans into China”.
Bubs emerged on the Australian Securities Exchange in January at 10 cents a share, using existing business Hillcrest Litigation Services as a “back door” entry to the market, renaming itself while raising its first $5.2m.
Monash dairy tech recognition
The Gardiner Dairy Foundation’s involvement with the Monash Industry Team Initiative (MITI), on behalf of the dairy industry, has been nationally recognised at the Australian Financial Review Higher Education Awards in the industry engagement category.
Monash University won the award, Australia’s most prestigious recognition of innovation and achievement in the higher education sector.
The Gardiner Foundation’s funding towards the project aims to improve the dairy industry engineering capability by placing multi-disciplinary student teams in leading dairy organisations to solve real-world research and development challenges.
Foundation chief executive officer, Mary Harney, said programs like MITI ensured the processing sector remained ahead of the curve in terms of capability development.
The foundation has invested more than $60 million in cash contributions to more than 730 dairy sector projects.