- Wide Open Agriculture (WOA) looks to boost the value of its Dirty Clean Food brand while focussing on the domestic production of its carbon-neutral oat milk
- CEO Jay Albany says the company views its Dirty Clean Food brand as undervalued and has launched a strategic review to maximise its value
- Simultaneously, WOA is working on growing production of its Buntine Protein brand and has begun negotiations with a large production partner
- WOA’s Appendix 4C and Quarterly Report is expected by the end of this month, with a presentation call scheduled for May 1
- Shares in WOA closed almost 55 per cent higher on Wednesday afternoon
Wide Open Agriculture (WOA) is looking to boost the value of its Dirty Clean Food brand while focussing on the domestic production of its carbon-neutral oat milk.
In a statement to the ASX, CEO Jay Albany said in the company’s view, Dirty Clean Food was undervalued in the market, and management had decided to review strategic options to maximise its value.
“Dirty Clean Food has now grown for 15 consecutive quarters and successfully disrupted the food industry in Western Australia,” Mr Albany said.
“Dirty Clean Food is operating more efficiently as we scale, identifying cost savings opportunities, improving margins, and accelerating our push towards profitability with fiery determination.”
Mr Albany said the brand was in the process of expanding globally, beginning in Asia.
Simultaneously, WOA is focussed on growing the production of its Buntine Protein brand from kilograms and tonnes to large commercial scale, measured in thousands and tens of thousands of tonnes.
In line with this trajectory, the company has begun negotiations with a large production partner.
WOA believes its Buntine Protein should command the high end of the market range of between $9 to $13 a kilogram due to its “superior” functional, health and environmental benefits.
“A commercial plant of 10,000 tonnes at $10,000 per tonne, for example, creates a potential $100 million opportunity, versus the existing global soy market currently worth $10 billion,” Mr Albany said.
During the March quarter, Wide Open Agriculture secured $8 million in project-based funding for domestic oat milk production and a $4 million working capital facility.
The company said additional discussions had begun around financing for the remaining equipment needed for commercial production.
WOA’s Appendix 4C and Quarterly Report is expected by the end of this month, with a presentation call scheduled for May 1.
Shares in WOA closed 54.76 per cent higher on Wednesday afternoon.