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Farm Pride Foods Limited ( (AU:FRM) ) just unveiled an update.
Farm Pride Foods has disclosed that substantial shareholder West Coast Eggs Pty Ltd intends to sell up to 30 million Farm Pride shares on-market at a price of $0.20 per share over the coming days, which, if completed in full, would still leave West Coast Eggs holding 5.86% of the company. Parties associated with Non-Executive Chairman George Palatianos and Managing Director Darren Lurie have signalled they may acquire up to 7 million shares if the sale proceeds, potentially mitigating some selling pressure, but the company stressed there is no assurance that any of the proposed transactions will be completed and has refrained from making any recommendation to investors, leaving the market to interpret the potential shift in the shareholder register and its implications for governance and liquidity.
The most recent analyst rating on (AU:FRM) stock is a Hold with a A$0.22 price target. To see the full list of analyst forecasts on Farm Pride Foods Limited stock, see the AU:FRM Stock Forecast page.
More about Farm Pride Foods Limited
Farm Pride Foods Ltd is a vertically integrated, ASX-listed egg producer that farms, processes and markets a range of shell eggs and egg-related products, with a strategic focus on meeting growing demand for cage-free eggs. The company has strong relationships with supermarket chains and industrial food manufacturers and differentiates itself through sustainability initiatives, including manufacturing its own recycled egg cartons, and a stated commitment to environmental, social and governance standards.
Average Trading Volume: 35,579
Technical Sentiment Signal: Sell
Current Market Cap: A$46.16M
Learn more about FRM stock on TipRanks’ Stock Analysis page.