Trigon Agri Attracts EUR 105 mln via SPO

Danish Trigon Agri raised EUR 105 mln through SPO, the company said yesterday. According to a Trigon announcement, it floated 70 mln of shares, EUR 1.5 per share and 17.5 mln warrants for its advisors. Trigon expects net proceeds from the placement totaling EUR 99.3 mln. The company said that there were over 60 buyers, including Trigon shareholders like Trigon Capital AS, which bought 6.5 mln of shares. Trading is planned to start on May 6 on the First North Exchange (Stockholm). Trigon Agri plans to use the proceeds to bring over 120 ths ha of land currently under control into full production and to finance dairy farming activities and the acquisition of additional land, farming equipment, grain storage capacity. As of March 31 2008 Trigon Agri  had under control 120 ths ha of agricultural lands, including 30.7 ths ha in Ukraine and 88.6 ths ha in Russia. Anna Dudchenko: We estimate Trigon’s post-money MCap at ~ USD 316 mln, which implies P/ha multiple of USD 2,633.