TasFoods (ASX:TFL) enters trading pause ahead of capital raise – The Market Herald

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  • Poultry and dairy processing company TasFoods (TFL) is ceasing trading activities as part of a capital raise
  • Currently, it is unclear how much the company aims to raise or where the funds will be spent.
  • Under the halt, the company’s shares will be suspended until Friday, April 1 or when further details of the increase are released to the market.
  • Earlier this year, the company released its 2021 full-year results, which saw revenue rise 4% to $69.4 million, compared to the 2020 result.
  • TasFoods last traded at 7.5 cents per share on March 29

Poultry processing company TasFoods (TFL) has ceased operations in anticipation of an upcoming capital raise.

There are currently no details on how much the company plans to raise or where the funds will go.

The halt means shares in TasFoods will be suspended until Friday, April 1, or when a further announcement about the increase is released to the market, whichever comes first.

TasFoods is involved in the production of food products in the dairy and poultry segments.

Earlier this year, the company released its 2021 full-year results, which saw revenue rise 4% to $69.4 million, compared to the 2020 result.

Poultry division turnover increased by 5% despite supply chain challenges in the sector. Poultry now represents 56% of the group’s total turnover.

“Growth in the dairy division was broadly flat compared to the prior corresponding period, which was impacted by the limited ability to pass on rising input costs to customers,” the company said in February.

Cash at the end of 2021 was $1.5 million and total available funds were $4 million.

In the market, TasFoods last traded at 7.5 cents per share on March 29.