Australia’s Buderim Group in Queensland is seeking to raise as much as AUD6.2m (US$4.5m) from the equity market to support its new business plan, which entails a focus on plant-based proteins and macadamia nuts.

The funding exercise is split into two portions – a AUD2.2m share placement and an AUD4m non-renounceable entitlement offer. The former was completed yesterday (12 November), with more than 12 million shares placed with “sophisticated, professional and other investors” amid what was deemed “strong demand”, Buderim said in a filing with the Australian Securities Exchange (ASX).

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Eligible shareholders, including Buderim’s directors, will be able to subscribe to the entitlement offer on 17 November and can bid for one share for every 3.6 shares held. 

Buderim has also changed its trading name to Health and Plant Protein Group – although it is still listed as Buderim on the ASX – to better reflect its new strategy aimed at becoming a “global leader in health and plant protein, utilising the macadamia business as a platform business” and, with it, a focus on the US market.

In August, Buderim said it had agreed a deal to sell its ginger division – consisting of confectionery and other ginger-based products, including tourist-related assets (The Ginger Factory) – to the Himstedt family in Queensland for around AUD13m. The transaction closed in September. 

The Himstedt family has put in a bid superior to that of another interested party, Global Foods Group of Australia, which had put in an offer for AUD8.3m.

Buderim has subsidiaries in Australia, the US and Fiji, including MacFarms, which is based on the island of Hawaii and manufactures macadamia-based products for the retail and foodservice channels under the Royal Hawaiian brand.

The business delivered an after-tax loss of AUD2.4m in the fiscal year to the end of June based on revenues of AUD42.1m, according to its annual report. Buderim posted EBITDA of AUD1.4m.