Wednesday, July 6, 2011

French Farm group AgroGeneration unveils $14 mln share offer (ALAGR:Paris)

Sign of a top but not the top. As I said in February:
...We've been following this trend for the last three years and have been asked when will it top?
One sign will be when Optima Fund Management brings their American Farmland Company public, still a few years away....
From Reuters:
* Fresh capital to fund Ukraine storage, Argentina plans
* Shares offered at 8 pct discount vs average past month
* New shares would raise free float to 34 percent

PARIS, June 29 (Reuters) - French farm operator AgroGeneration launched on Wednesday a public share offer to raise 10 million euros ($14.16 million) to finance grain storage in Ukraine and its planned entry into Argentina.
The company, which turned a profit for the first time in 2010, said it wants to double its storage capacity in Ukraine to support its local grain production, and develop 50,000 hectares of farmland in Argentina with a future partner.
The group is proposing nearly 4.9 million new shares at 2.05 euros each, a discount of 10.9 percent on Monday's closing price and an 8.1 percent discount on the average share price between May 31 and June 27, AgroGeneration said in a statement....MORE 

More Ukraine storage news from Black Sea Grain:
Ukraine. Mriya Agro Holding to increase grain storage capacity by 73.2%