Raisio plc, Stock Exchange Release 2 June 2016
BENEMILK LTD HAS ENDED THE ASSESSMENT OF FUNDING OPTIONS
On 3 November 2015, Raisio announced that its subsidiary Benemilk Ltd was examining conditions and opportunities to obtain new financing for, on the one hand, launching of the ingredient business and, on the other, developing its licensing business.
The assessment included both debt and equity financing options as well as the new funding for Benemilk Ltd’s US subsidiary. Based on the completed assessment, Benemilk Ltd’s Board of Directors has concluded that, at this stage of business operations, it is not justified to implement the equity financing scheme as the company valuation indicated by potentially interested investors is not satisfactory for current owners. Therefore, the Board has decided to end the process launched in November 2015.
Benemilk Ltd’s Board of Directors and current owners are reviewing the new situation as well as the company’s position and opportunities, and will inform of its decisions once they have been made.
The management company of Intellectual Development Management Fund I, LLC, owner of 25% of Benemilk Ltd since its establishment, separated from Intellectual Ventures entity in May 2016 to become an independent company. This change has had no impact on the composition or work of Benemilk Ltd’s Board of Directors.
Benemilk has two business areas. The ingredient business is based on the sale and marketing of palm oil-based raw material under the Primafat trade mark and on the developed IPR. The licensing business includes the development, commercialisation and licensing of IPR based on the Benemilk innovation.
RAISIO PLC
Heidi Hirvonen
Communications and IR Manager
Tel. +358 50 567 3060
Further information:
Matti Rihko, CEO, tel. +358 400 830 727
Raisio plc
Raisio plc is an international specialist in plant-based nutrition. Raisio’s operations are divided into two divisions: Brands and Raisioagro. The Group’s key market areas are Finland, Great Britain, the Czech Republic, Russia and Poland. Markets for cholesterol lowering Benecol products are global. Raisio plc’s shares are listed on Nasdaq Helsinki Ltd. In 2015, the Group's net sales totalled EUR 521 million and EBIT was EUR 51.7 million excluding one-off items. The Group employs some 1,800 people. Raisio’s best-known brands are Benecol, Benemilk, Elovena Honey Monster, Fox’s and Poppets. Benemilk feeds for milk production and Benecol for cholesterol lowering are Raisio’s top innovations. For more information on Raisio go to www.raisio.com/en
Distribution
Nasdaq
Key media
www.raisio.com