Perth-based craft brewing company Oz Brewing Ltd aims to raise $1.5 million through an IPO to establish a café and microbrewery at the old Miss Maud site on Fremantle's cappucino strip.
Perth-based craft brewing company Oz Brewing Ltd aims to raise $1.5 million through an IPO to establish a café and microbrewery at the old Miss Maud site on Fremantle's cappucino strip.
The company will join a burgeoning craft brewing sector, with three companies opening in Western Australia since June, and Little Creatures owner Little World Beverages recently announcing plans to expand.
Oz Brewing, which will trade under its "Mad Monk" brand, plans to offer 7.5 million shares at 20c each for the initial capital raising, with the option of providing an additional 7.5 million shares at 20c each in oversubscriptions.
It will also offer one free attaching 20 cent option exercisable in 2012 for every two subscribed shares.
Oz Brewing is due to list on the ASX on December 1 and if the minimum offer is taken up, will have 37.5 million shares on issue and be capitalised at listing at $7.5 million or $9 million if the oversubscriptions are filled.
The full text of a company announcement is pasted below.
Perth-based craft brewing company, Oz Brewing Limited, has launched a A$1.5 million capital raising ahead of plans to list on the Australian Stock Exchange in December.
The Initial Public Offer for Oz Brewing - whose retail trading operations will be housed under the "Mad Monk" brand - offers up to 7.5 million shares at 20 cents each to raise up to $1.5 million.
The prospectus - lodged with ASIC - also offers one free attaching 20 cent option exercisable in 2012 for every two shares subscribed for.
The IPO has provision for up to a further 7.5 million 20 cent shares to be issued through oversubscriptions to take the potential total raising to $3 million.
The Company's first on site brewing facility and Mad Monk retail front will be established in the heart of the Fremantle tourist precinct, south of Perth.
Oz Brewing's Chairman, Mr Terry Creasey, said today that the Company had been established following extensive research into the beverage sector and identifying a niche market in this multi-billion dollar industry.
"The humble beer has come a long way in the past few years as the boutique beer revolution gains momentum, thanks to the development of the microbrewery sector," Mr Creasey said.
"Craft beer is the fastest growing sector in the Australian beer market with much of this growth led by several Fremantle microbreweries which have combined brewing and retail outlets into a major success story.
"Mad Monk's first brasserie will add to that culture as we explore other potential sites around Perth."
Mr Creasey said boutique beers were seen as a new variety of alcoholic drink styles that were now capturing the palates not just of the public but chefs and gourmet lovers across the world.
"The recorded growth in the United States and Britain within this market segment makes for a significant opportunity in the Australian market," Mr Creasey said.
"We will focus initially on Western Australia through Fremantle and also the development of a major site at the gateway to the Margaret River region in the southwest of Western Australia location of Dunsborough known as Bannamah Park ( subject to statuatory approvals) but plan to take Mad Monk to the national market and then overseas."
The Oz Brewing Offer will open next Monday, October 16 and close on November 10.
Proceeds of the Offer will be used to establish the Mad Monk Brew Café site in Fremantle as well as commission a microbrewery plant on site.
Oz Brewing is due to list on the ASX on December 1 and if the minimum Offer is taken up, will have 37.5 million shares on issue and be capitalised at listing at $7.5 million or $9 million if the oversubscriptions are filled.
The Company has already purchased the micro brewery plant and ancillary equipment for the Fremantle operation, appointed a head brewer and registered its Mad Monk Brew Café brand name and associated products.
"Our objective is to develop a new micro brewery which produces a range of premium boutique beers on premise for over-the-counter sales, in addition to the progressive development of sales of packaged product through a national and international network," Oz Brewing's Managing Director, Mr Trevor Pugh, said today.
"We want people not only to enjoy our beer styles but to generate a change in patron perception of beer to matching fine beverages with fine food within a themed Euro-styled café setting," Mr Pugh said.
The Company has appointed award winning brewer, Mr Richard Moroney, as its Head Brewer.
