Bega Float Approved

IrishDigger · by **IrishDigger** » Tue Jun 07, 2011 6:12 pm

As a lover of cheese I shall be keeping an eye on this one.

Click Here For News Report

muhaha · by **muhaha** » Mon Jul 11, 2011 12:43 pm

can anyone please let me know where to view the prospectus for this ? i have had a look at commsec and theres nothing there as yet, spoke to some one in commsec they had no idea of the float.

benthonic · by **benthonic** » Mon Jul 11, 2011 1:33 pm

Bega Cheese IPO

Bega Cheese Limited (“Bega Cheese”) has announced it is planning an Initial Public Offering of new ordinary shares on ASX (“IPO”).

Bega Cheese has also announced that it has appointed CBA Equities (CBA) as Sole Lead Manager to the proposed IPO. CBA will have an allocation of Shares for CommSec clients in the event the IPO is launched.

Bega Cheese will make a Prospectus available, containing information about the company and the IPO, when the Shares are offered. If you want to acquire Shares you will need to complete the application form that will be in or will accompany the Prospectus. An electronic copy of the Prospectus and an application form will be made available on Comsec website.

obviously taking a while to prepare

Judd · by **Judd** » Mon Jul 11, 2011 3:50 pm

obviously taking a while to prepare

As long as it doesn't require fully aging or go moldy like some [all] of their cheeses. Vive la Gruyère!

benthonic · by **benthonic** » Tue Jul 12, 2011 8:56 am

from AFR today:
if Bega floats at $2.00 the PE would be 16.9 (WCB is curently PE at 13)

but looking at EBITDA* multiples (taking into account depreciation due to manufacturing) Bega is 7.5 while WCB is 7.6

so it will come down to interest - presume it will be a range offering, and low interest/ few instos on board / current market malaise, hoepfully it will be sub-2 bucks

* EBITDA aka bullsht numbers , according to Charlie Munger

benthonic · by **benthonic** » Tue Jul 19, 2011 8:27 am

Bega Cheese has substantial “business to business” operations supplying products such as cheddar, processed, mozzarella and cream cheeses, milk powders, infant formulas and nutraceuticals direct to domestic and international food companies. This model provides both consistency for the underlying revenue base and exposure to high-growth expanding Asian markets.

The strength of Bega Cheese, particularly in recent times has been its ability to embrace changing industry circumstances, develop new business models and recognise opportunities to create value. This has all been done in a period of major rationalisation of the dairy industry and climate and market challenges for their Farmer Suppliers.

Through the IPO, Bega Cheese will issue up to 17.5 million Shares to raise up to $35 million. These funds will be used primarily to reduce interest bearing debt thereby improving the Company’s gearing levels and interest cover ratios. In addition, there will be an issue of approximately 0.85 million free Shares to employees who meet certain period of service and other criteria

Date of Prospectus 18 July 2011
Opening Date of the Offer 26 July 2011
Closing Date of the Offer 16 August 2011 at 5:00pm AEST

available Comsec

muhaha · by **muhaha** » Tue Jul 19, 2011 10:46 am

17 x earnings , bit expensive for my liking

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