Bel­lamy hit by can­nery cri­sis

Townsville Bulletin - - NEWS -

SHARES in em­bat­tled in­fant for­mula maker Bel­lamy’s fell sharply as they re­sumed trad­ing af­ter the sur­prise sus­pen­sion of a key Chi­nese reg­u­la­tory li­cence for its newly ac­quired can­ning fa­cil­ity.

Bel­lamy’s shares, which were sus­pended from trade for nearly two weeks, dropped 34c or 5 per cent, to a clos­ing price of $ 6.40.

The com­pany this month com­pleted a $ 60.4 mil­lion cap­i­tal rais­ing to fund the $ 28.5 mil­lion ac­qui­si­tion of a 90 per cent in­di­rect in­ter­est in the Cam­per­down Pow­der can­ning fa­cil­ity. How­ever, fol­low­ing the July 7 sus­pen­sion of Cam­per­down’s Pow­der’s food li­cence by the Peo­ple’s Repub­lic of China, Bel­lamy’s on Mon­day is­sued a sup­ple­men­tary prospec­tus to the cap­i­tal rais­ing of­fer­ing re­funds.

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