No notes issue for Richmond

The company proposed the issue last November when it told the market it intended to raise up to $50 million to "significantly improve the company's balance sheet strength and lengthen the maturity profile of the existing funding base."

Chairman Sam Robinson says the issue was designed to provide additional financial flexibility.

"However, given the uncertainty in the current interest rate markets, the flatter supply of livestock seen this season, and some significant initiatives in reducing working capital needs, the issue is not an immediate requirement."

Richmond raised $50 million in capital notes a year ago and said that there had been unsatisfied demand for the issue.

The company is due to announce its interim result to the end of March after a board meeting at the end of May. It has already warned the market that the result will be down on the previous year due to weather conditions.

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