Freedom Foods recap plan secured after options, notes approved

Freedom Foods recap plan secured after options, notes approved
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Freedom Food Group’s shareholders approved all 13 resolutions at an extraordinary meeting in Sydney on Tuesday, putting the final piece of restructuring in place after a horror year.
Freedom Foods chairman Genevieve Gregor has pulled off a highly complex recapitalisation.
 
Renee Nowytarger
On Monday Freedom Foods told the market it had received $8.9 million in oversubscriptions under the wholesale offer from several special situation and credit funds, which it did not identify.
This allowed the key shareholder Perich family’s investment vehicle, Arrovest, to scale back its minimum commitment to $126.1 million through the placement, while existing and new investors have committed $138.9 million through the notes issues by way of $130 million from the wholesale offer and the balance of $8.9 million under the existing placement capacity.

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