Wattle in fine health

INFANT formula supplier Wattle Health Australia will raise up to $12.4 million to fund an acquisition and joint venture.

Wattle Health, which listed on the Australian sharemarket in March, said it had received commitments from institutional and sophisticated investors to take up a new placement of shares.

Some of the proceeds will be used to fund Wattle Health’s acquisition of an interest in Australian infant formula maker Blend & Pack and a joint-venture with Organic Dairy Farmers of Australia.

The share placement was significantly oversubscribed.

Wattle Health shares closed up 37.1 per cent yesterday to 79.5¢ after the announcement.