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A local food processor is seeking to become a publicly traded company again, seven years after going private.
In early February, AGT Food and Ingredients Inc. announced that it had filed with securities authorities in every province and territory of Canada and obtained a receipt for an amended and restated preliminary prospectus — amending and restating a previous one filed by AGT at the end of January.
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The Regina-based company buys, processes and distributes pulses like lentils, peas and beans, in addition to manufacturing and distributing other ingredients and packaged foods.
Under the amended preliminary prospectus, the gross proceeds to be received by AGT from the treasury offering are approximately $425 million.
“The Company intends to use the full amount of the net proceeds from the Treasury Offering to repay amounts outstanding under our Prior Bank Facilities,” read the preliminary prospectus.
AGT wrote that it intends to use the full amount of the net proceeds to repay amounts outstanding under its prior bank facilities.
A secondary offering by certain AGT shareholders is valued at approximately $35 million, offering a per-share price between $26 and $30. However, AGT said it won’t receive any of the proceeds from the secondary offering.
AGT Foods is currently waiting for approval from the relevant regulatory bodies.
980 CJME reached out to AGT CEO Murad Al-Katib for comment, but he declined to comment.
According to the prospectus, upon completion of the offering, AGT’s authorized share capital will consist of an unlimited number of common shares and an unlimited number of preferred shares.
These shares would be issuable “in series, of which an aggregate of between 54,619,229 and 56,798,716 and common shares” and between 54,732,132 and 57,265,465 offered shares “assuming the Over-Allotment Option is exercised in full”.
AGT first went private in 2019 under a roughly $436 million deal.
“The A&R Preliminary Prospectus contains important information relating to the Offering and has not yet become final for the purpose of a distribution of securities to the public,” read an AGT news release.
“No securities regulatory authority has either approved or disapproved the contents of this news release.”
AMENDED AND RESTATED PRELIMINARY PROSPECTUS
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