Elixinol Wellness has called an extraordinary general meeting regarding the capital raise announcement it made in February, to fund its acquisition of Ananda Food. Elixinol is the parent company of Hemp Foods Australia, Mt Elephant, The Australian Superfood Company, and pet food brand Field Day.
Elixinol acquired Ananda Food on 12 February and announced a capital raise of $3.16 million to fund the deal.
CEO and MD Ron Dufficy said the acquisition would see Elixinol become one of the largest suppliers of hemp ingredients in Australia.
“The acquisition will broaden Elixinol’s hemp ingredients portfolio and will bring improved unit economics through increased production yields and asset utilisation, and create opportunities for significant cost and revenue synergies,” said Dufficy.
The agreement provides for the sale of Ecofibre’s shareholding in Ananda Food Pty Ltd to Elixinol for $3 million – $2 million cash payable on completion and $1 million earnout, subject to conditions.
The EGM is scheduled for 11am AEST on Thursday, 18 April.
