Powdered milk and infant formula manufacturer Nature One Dairy is seeking a pre-IPO cash top-up to pay back a loan from Tasmanian businesswoman Jan Cameron.
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Founded in 2015, Nature One Dairy makes and sells a range of milk powders and infant and nutritional formulas. Joe Armao

The company opened a $6 million convertible raising in the past week, and plans to have a run at the ASX boards within the next six months.

The bulk of the money raised would go towards paying back a $4.4 million convertible note to Cameron’s Bicheno Investments, according to terms that have landed in front of potential investors. The cash was also pegged for working capital.

Boutique Sanston Securities was lead manager on the deal, as well as Nature One’s corporate adviser.

Founded in 2015, the company makes and sells a range of milk powders and infant and nutritional formulas into the Australian market – via supermarkets like Coles and IGA – as well as into south east Asia.

The company is looking to expand its sales footprint into Malaysia, Indonesia, the Philippines, Thailand, Pakistan and the UAE in the near term.

Funds were told that Nature One posted $11 million gross revenue in the 2020 financial year, which was forecast to hit $13.5 million in fiscal 2021.

The company has been a long-mooted IPO candidate – going back as far as 2018 – and had stockbroker EL&C Baillieu on board for a float last year. Baillieu lost that mandate in February 2020.

Last month, 14 of our dairy farms in Maine, as well as dozens of dairy farms across northern New England, got an unexpected and disappointing notice from Danone of North America saying that they were discontinuing their contracts with our organic dairy farmers in Maine, New Hampshire, Vermont and elsewhere.

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