12 December 2011
MCB Agricole (4GW1 GR) filed a prospectus on Friday and launched an offering of up to 3.00 mln new shares (34.9% of currently issued, 25.9% post-money). In total, MCB Agricole plans to admit up to 5.53 mln shares for trading on the WSE. The company plans to raise gross proceeds of EUR 25.0-33.0 mln, implying a per share range of EUR 8.3–11.0 (vs. the per share market price EUR 4.24). MCB Agricole plans to use 60-65% of proceeds for construction of a new rapeseed/soybean processing plant with a capacity of 250 kt of rapeseed per annum; project CapEx was estimated by the company at USD 45 mln and commissioning is targeted for 1Q13. Remaining proceeds will be used on the acquisition of new land and on working capital.