Wide Open Agriculture ASX WOA raises funds transform world’s largest lupin protein producer Prolupin Europe
October 19, 2023
Wide Open Agriculture raises funds to transform into world’s largest lupin protein producer

Wide Open Agriculture (ASX: WOA) has received binding commitments for a two-tranche share placement to raise approximately $6.2 million for the acquisition of German manufacturer Prolupin GmbH.

The target assets are priced at $4.2 million and will transform Wide Open into the world’s largest lupin protein producer and accelerate the global launch of its Buntine Protein product.

The placement has been cornerstoned by Wide Open’s largest shareholder, Fanja Pon, and is believed to have attracted strong support from new and existing investors as well as the company’s directors.

Terms of the raising

Under the terms of the placement, Wide Open will issue approximately 31.1 million new and fully paid ordinary shares to investors at $0.20 each, representing a discount of 38.5% to the last closing price and 21.9% to the 15 day-trading volume weighted average price before the shares were suspended from trading in April.

Canaccord Genuity (Australia) and Euroz Hartleys have been appointed joint lead managers and will be issued 2.5 million unlisted options with an exercise price of $0.25 for nil consideration.

The placement will be followed by a share purchase plan to raise an additional $1.5 million.

Well received

Wide Open chief executive officer Jay Albany said the raising had been well received.

“I would like to extend gratitude to all our investors who have shown immense faith in our vision and have supported us in this capital raise,” he said.

“This acquisition is not just a transaction, but a pivotal moment in our journey… the asset purchase agreement with Prolupin is set to redefine the landscape of protein production globally and position us as leaders in the lupin protein market.”

Operational footprint

The Prolupin acquisition is expected to give Wide Open an immediate operational footprint in Europe with a state-of-the-art 500 tonnes per annum production facility, which it plans to upgrade to 1,000tpa within the first two years of ownership.

The assets will accelerate the company’s timeline to the global launch and commercial-scale production of Buntine Protein, which is used to create plant-based dairy, meats, baked goods, and protein supplements.

Creditor consent

This morning, Wide Open advised that Prolupin’s creditors had provided final consent and approval to the acquisition and all outstanding conditions had been satisfied.

“We are proud to announce this monumental step in Wide Open’s journey,” Mr Albany said.

“The acquisition of Prolupin’s assets represents a major milestone for us and cements our position as the world’s premier lupin protein producer… it expands our manufacturing capacity and unlocks the potential to diversify our lupin product offerings in the European market.”


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