Benchmark raises USD 8.6 million through share open offer

Published on
February 18, 2020

Sheffield, United Kingdom-based aquaculture health, nutrition, and genetics business Benchmark Holdings PLC has conditionally raised total gross proceeds of GBP 6.6 million (USD 8.6 million, EUR 7.9 million) through an open offer announced on 30 January 2020, representing the full amount proposed.

In an advisory posted through the London Stock Exchange, Benchmark also said that the company has conditionally raised total gross proceeds of GBP 43 million (USD 56.1 million, EUR 51.7 million) by way of the placing and the open offer.

The open offer and placing issue price was GBP 0.40 (USD 0.52, EUR 0.48) per ordinary share.  

By the open offer’s closing at 11 a.m. on 13 February, valid acceptances from qualifying shareholders in respect of 30,691,713 open offer shares had been received, including applications for 25,054,237 open offer shares under the excess application facility.

Admission of the 16,440,766 open offer shares (and the 91,000,000 placing shares) is subject to passing the relevant resolutions at the general meeting.

We are pleased to have raised the full amount envisaged under the open offer," Benchmark Executive Chairman Peter George said. "The proceeds of the open offer and placing will in part be used to scale up CleanTreat as we prepare to launch BMK08, our novel medicinal treatment to combat sea lice, one of the main biological challenges in salmon farming. We are excited about the opportunity we now have to deliver Benchmark's enormous potential.” 

For the year through 30 September, 2019, Benchmark made a pretax loss of GBP 73.3 million (USD 95.6 million, EUR 88.2 million) from continuing operations, compared with a loss of GBP 8.4 million (USD 11 million, EUR 10.1 million) for the previous 12 months. Revenues from continuing operations for the year slipped 3 percent to GBP 127.3 million (USD 166 million, EUR 153.2 million), with adjusted earnings before interest, tax, depreciation, and amortization and impairment (EBITDA) of GBP 12.1 million (USD 15.8 million, EUR 14.6 million), down 37 percent year-on-year.

Contributing Editor reporting from London, UK

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