Richmond sets capital note rate

The company, which is due to move from a secondary board to main board listing this week, is looking to raise at least $30 million, with the ability to accept up to a further $20 million in oversubscriptions.

Richmond plans to use the money to strengthen its balance sheet, diversify its funding base, and position itself for further industry change and the next stage of its development.

The meat processor last year reported an $11.7 million after-tax profit and in moving to the main board will provide investors with another exposure to the rural and export sector.

The company is trying to wend its way out of being perceived as merely a processor into a total 'food company'. Its businesses include the top-of-the-line Gourmet Direct brand, which home-delivers specialty meats and other products around the country.

Richmond says it has applied New Zealand Stock Exchange for permission to list the capital notes.

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