Wynnstay has announced that it has conditionally raised c.£10.6m through a placing to institutional investors, first announced on 17 August.
The Company has been experiencing a strong trading backdrop, supported by buoyant farmgate prices across most categories, which has boosted farmer sentiment and farm investment.
The Company plans to use to proceeds to redevelop its feed production site at Calne, acquired as part of the Humphrey Feeds acquisition in March 2022, into a modern c.185,000 metric tonne capacity mill, manufacturing both poultry and ruminant feed.
The proceeds may also be used for potential acquisitions by the Company, which may include those that the Company is currently actively pursuing as well as others that are identified in its acquisition pipeline.
Under the Placing, 1,900,000 new ordinary shares have been conditionally placed pursuant to the Placing at a price of 560 pence per Placing Share.
Gareth Davies, Chief Executive Officer of Wynnstay Group plc, commented:
“We believe that this is an important fundraising for Wynnstay. It will support both the planned redevelopment of the Calne feed facility and assist with potential future acquisitions.
“While there are still challenges with cost inflation and supply chain pressures, sector sentiment remains strong, and the fundraising proceeds will enable us to accelerate growth plans.”
