ISE welcomes Continental Farmers Group to the ESM
The ISE welcomes Continental Farmers Group plc (“CFG”) to the Enterprise Securities Market (“ESM”), the ISE's market for growth companies.
CFG raised €16.7m as part of its initial public offering of shares and was launched on the ESM with a market capitalisation of €42.7m. The admission of CFG to the ISE increases the number of companies quoted on the ESM market to 24.
Deirdre Somers, Chief Executive of the ISE, said: “We are delighted to welcome Continental Farmers Group plc to the ESM and to see its capital raising activities completed successfully. The ISE looks forward to having a long term relationship with CFG through the provision of euro trading and other value added services”.
Nick Parker, Chairman of CFG plc, said: “Continental Farmers Group plc has an ambitious growth strategy planned for the next five years. The decision to raise funds on public markets at this time is the logical next step for the group’s development. Having an ISE quotation is important for Continental Farmers Group as it facilitates the company in attracting euro investors from both Irish and international markets.”
Davy is acting as ESM advisor to CFG.
About Continental Farmers Group plc
Continental Farmers Group plc is a diversified agricultural producer with farming operations in western Ukraine and northern Poland. The Group's core business is crop production comprising oil seed rape, sugar beet, potatoes, wheat, and maize. The Group leases approximately 21,000 hectares of farmland in Ukraine and leases approximately 1,100 hectares of land in Poland and owns a further 1,600 hectares of freehold land in Poland. The Group currently has approximately 18,400 hectares of land under crop in Ukraine and Poland. CFG's strategy is to increase its leasehold land bank in Ukraine to over 50,000 hectares within 5 years and the Group intends to farm a high proportion of its leasehold land bank.