- Buderim Group (BUG) is getting ready to raise more capital, after placing its shares in a trading halt
- The food producer’s shares will remain in a trading halt until November 12, unless it releases the details early
- At this stage though, investors are likely going to have to wait until Thursday to find out the exact details of the capital raise
- Buderim ended the September quarter with $14.9 million worth of cash in the bank, after burning through $1.9 million
- The company also sold off its ginger and tourism arms of the business during the period to its sister company Buderim Foods
- Shares in BUG last traded for 23.5 cents each on November 9
Buderim Group (BUG), also known as the Health and Plant Protein Group, is getting ready to raise more capital, after placing its shares in a trading halt.
The food producer’s shares will remain in a trading halt until Thursday, November 12, unless it releases the details early.
At this stage, investors are likely going to have to wait until later this week to find out the exact details of the capital raise.
The push for extra equity comes after Buderim ended the September quarter with $14.9 million worth of cash in the bank.
In comparison, BUG started the period with just $3.7 million worth of cash on hand.
The company also ended the quarter cashflow negative, with $1.9 million on its operating balance sheet.
Meantime, the extra cash during the period comes as Buderim sold off its ginger and tourism arms of the business to its sister company Buderim Foods.
That deal was finalised at the end of the quarter and BUG said divesting that side of the company allowed it to better focus on its core business, macadamia nuts.
Before today’s trading halt, shares in the company were trading for 23.5 cents each on November 9.