11 July 2000
Farmers First on target

By FWi staff

APPLICATIONS for shares in Farmers First, the livestock and meat export company which launched a 4.4 million share offer, have passed the 400,000 mark.

The 400,000 figure was the minimum amount required to ensure the share offer succeeded in its bid to raise money to fund the business.

The company was created to raise cash for Farmers Fresh, specialising in on-the-hook trade, and Farmers Ferry, which specialises in live animal exports.

But directors have warned that they have only cleared the first hurdle and more share purchases are vital to build the group into a major player.

Terry Bayliss, Farmers Fresh chairman, likened the share offer to the triple jump, saying it would determine how fast and how far the group could develop.

Applicants responded quickly to an Early Application Discount scheme – now completed – and promotional activity at last weeks Royal Show, he said.

Mr Bayliss said the group would procure livestock from shareholders in preference to stock from those who have not supported the business.

It aims to develop European trade in British livestock and meat exports and predicts it will move 1.5-2 million sheep over the next 12 months.

The offer for new ordinary shares priced at 1.25 remains open until 6 August. Copies of the prospectus are available by telephoning 0870 241 0153.