Capital Increase Take-off for Natraceutical: Euro20 Million
Madrid - The Board of Spanish specialist for food, Natraceutical, approved in its April meeting the issue of 38,521,165 new shares, for a nominal amount of Euro3,852,116.5, allowing it to raise Euro20,031,005.80. The new shares will have the same rights as all bonds currently in circulation, taking effect from January 1, 2004, and with an issue price of Euro0.52.
Upon the approval of the prospectus by the Comisión Nacional de Mercado de Valores CNMV (National Stock Exchange Comission) , a 10-day period will be established to enable Natraceutical's shareholders to subscribe 5 new shares for every 19 old shares in their possession the day before this preferential subscription period commences and in which the rights, valued according to closing on April 22 at Euro0.075, will also be listed.
The Euro20 million , which Natraceutical will raise, will enable it to strengthen its resources and deal with projects which are included in the prospectus of its floating on the stock market, in addition to other product or business lines in which it's working.
Natraceutical currently markets 22 functional ingredients for the food industry. During 2003 and 2004 it has applied for five patents for functional ingredients and active principles, all derived from raw, natural materials, especially from the Mediterranean area. The company produces active compunds and biotechnological ingredients and develops functional foods as well. It also takes part in Biópolis, a biotechnological company directed at custom-made R&D activities for the food and pharmaceutical sectors, which was launched in April 2003 with the Consejo Superior de Investigaciones Científicas (Board of Scientific Research-CSIC), CAPSA and the Capital-Risk entity, TALDE. In 2003, Natraceutical achieved net profits of Euro2 million, thus multiplying six-fold its previous year's profits.
The world market for functional ingredients and nutraceuticals, whose main markets are the United States and Japan, rose to more than $34 billion in 2002, reflecting a growth of 9.2% compared with the previous year.