LONDON - Roebuck Food Group PLC (AIM: RFG), a company operating in the food and agribusiness sectors, has announced its intention to acquire significant stakes in two biotechnology firms specializing in greenhouse gas mitigation for agriculture. The company aims to raise up to €8.5 million through a combination of a placing and subscription to fund these investments and cover associated costs.
Roebuck has entered conditional agreements to obtain a controlling interest of 35-38.7% in GlasPort Bio Limited, with an option to increase its holding to 94.47% within 18 months to 4 years post-completion. Additionally, Roebuck will acquire a 13-16.7% stake in GlasPort Rumen Tech Limited. GlasPort Bio is known for its GasAbate technology, a manure management additive that has demonstrated an 80% reduction in methane emissions. GlasPort Rumen Tech has developed RumenGlas, a ruminant feed additive aimed at reducing emissions from livestock.
The investment in GlasPort Bio involves purchasing existing shares and subscribing for new shares at a pre-money valuation of €12 million. The investment in GlasPort Rumen Tech is based on a pre-money valuation of €5 million.
An Extraordinary General Meeting (EGM) is scheduled for no later than January 31, 2025, to seek shareholder approval for the investment and the issuance of new shares. J&E Davy is acting as the broker for the Placing.
The company's CEO, Kieran Mahon, commented on the investment, highlighting the growth opportunities presented by GlasPort and the potential for innovative products like GasAbate to quickly gain market traction.
The proceeds from the fundraising will be utilized to finance the investments in GlasPort Bio and GlasPort Rumen Tech, as well as to provide general working capital for Roebuck. Directors and senior management of Roebuck have expressed their intention to invest €185,000 as part of the fundraising.
This announcement is based on a press release statement and contains information considered to be in the public domain.
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