LONDON - Roebuck Food Group PLC (AIM: RFG), a firm specializing in growth and innovation within the food and agribusiness sectors, has entered into advanced discussions regarding a co-investment with The Yield Lab (YL) in GlasPort Bio Limited and GlasPort Rumen Tech Limited. This move follows Roebuck's previous announcement on December 13, 2024, outlining its intention to acquire significant stakes in both companies and raise €8.5 million through the issuance of new ordinary shares.
The non-binding term sheet signed by all parties includes a potential €1 million investment by YL in GlasPort Bio and a €250,000 investment in GlasPort Rumen Tech. These investments would be made at pre-money valuations of €12 million and €5 million, respectively. YL would also obtain rights to participate in a call option alongside Roebuck.
Should the co-investment with YL proceed, Roebuck's controlling interest in GlasPort Bio would be between 33.7% and 37.3%, with an option to increase its holding to 82.3% within 18 months to 4 years post-completion. YL would have the opportunity to acquire between 6.2% and 6.4% in GlasPort Bio, with a call option to increase its stake to 13.7%. Similarly, Roebuck's interest in GlasPort Rumen Tech would adjust to between 12.5% and 16.0%, while YL would acquire between 4.0% and 4.2%.
In response to potential demand for its shares, Roebuck is also considering increasing the fundraising target from €8.5 million to no more than €10 million. The additional funds would support working capital needs and enable further investments in complementary agtech acquisitions.
The proposed co-investment and fundraising efforts are part of Roebuck's strategic initiatives to expand its footprint in the agribusiness technology sector. The company has stated that further details regarding the co-investment and fundraising will be announced in the future.
This information is based on a press release statement and reflects Roebuck's ongoing efforts to strengthen its position in the market through strategic investments and partnerships.
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