Capital raising set to progress 

Brisbane Markets Limited (BML) has confirmed plans to progress with a capital raising later this month by way of a Rights Issue to existing shareholders as well as a Public Offer of shares, at an issue price of $2.50 per share, payable in two instalments.

The purpose of the capital raising is to raise approximately $11 million to assist with the company’s ongoing site upgrading and development plans. BML’s CEO Andrew Young says the Company’s strong performance in recent years has laid the foundations for future growth.

“A number of projects have been identified for consideration over the coming two years, at an estimated total cost of up to $40 million,” Mr Young said.

“These projects include a new western access road into the site, two new warehouses, the refurbishment of an office building to create a new commercial precinct in the Markets, and the civil works associated with a South Gate West precinct to cater for further new development projects.

“The projects are critical in terms of addressing significant issues relating to Market access and traffic flow as we upgrade and to assist us in redevelopment of the Brisbane Markets site over the next decade,” Mr Young said.

“Our ultimate aim is for the Brisbane Markets to have the flexibility to respond to stakeholder requirements and provide the highest order of facilities to meet the needs of the industry.”

Under the capital raising, BML is offering for issue partly paid shares, with the issue price of $2.50 payable in two instalments of $1.25 each, with the first instalment payable upon application, and the second and final instalment due on 30 April 2010.

The offer of shares under both the Rights Issue and Public Offer will be made by way of a Prospectus, which will be issued to all existing shareholders, and made available to other interested parties, from 24 June 2009. Entitlement and Acceptance Forms and Application Forms will accompany the Prospectus and anyone wishing to apply for shares or take up their entitlement will be required to complete the appropriate form.

BML is an unlisted public company and in the period immediately prior to the commencement of the capital raising, share prices had traded in the range from $3.65 to $3.70.

In deciding whether to invest in the shares being offered by BML applicants should consider the Prospectus carefully and if in doubt as to the contents of the Prospectus, independent advice should be sought from a stockbroker, solicitor, professional adviser, banker or accountant.

Anyone wanting to register their interest in receiving a Prospectus should contact BML by phone 07 3915 4200 or email: This e-mail address is being protected from spam bots, you need JavaScript enabled to view it