June 22, 2009
AACo not planning capital raising
The board of AACo, Australia's largest beef producer, has quashed rumours that it is planning a capital raising, saying it does not want staff distracted from operations in its peak period.
There are no current plans to raise equity, or to enter into a possible acquisition of an interest in Kilcoy meatworks, as AACo wants the management and staff to concentrate on ensuring that company is able to maximise the benefits available this favourable season following the floods earlier in the year, according to the company in a statement.
AACo's board said its major shareholder IFFCO is a large international diversified food group that has other interests in Australia, but AACo has no involvement in them.
The company is now engaged in a strategic review, after which it will speak with IFFCO on how it could help AACo develop its business opportunities.
