Bega Cheese launches prospectus for $350m float

Geoff Platt20 Jul 2011

Australia's leading cheese brand Bega Cheese has lodged its prospectus for a $350m float with the Australian Securities & Investments Commission, according to reports in the Australian media.

In April 2011, Bega Cheese shareholders approved resolutions to change its constitution so that the company could proceed to an IPO.

At the time, executive chairman Barry Irvin said: "The resolutions were overwhelmingly supported by our farmer shareholders. Bega Cheese shareholders have a wonderful record of embracing change and looking to the future. They have collectively been the engine room of what has become a beacon in the Australian dairy industry."

He said the decision marked an important step in Bega Cheese's history: "In what is a continuing story of growth and development, Bega Cheese has revenues in excess of $800m, key customers in dairy giants Fonterra and Kraft and a substantial export business into Asia and the Middle East."

Irvin said the listing would create a new level of financial strength for existing shareholders while positioning Bega Cheese for the opportunities that would come from industry rationalisation and the international dairy market place.

Source: Bega Cheese/The West Australian