Radicle Projects
HOLDAn investor in Australian agricultural businesses has raised £6.2m via an AIM flotation sponsored by Charles Stanley, as foreshadowed in June’s Growth Company Investor. Radicle Projects plans to take advantage of the Australian government’s Managed Investment Schemes, which give tax breaks to encourage investment in projects involving horticulture, viticulture and forestry across the continent. Products that qualify include grapes, olives, coffee, nuts and special types of wood. Radicle, set up by chief executive Tim Bennett, who has specialised in this field for over a decade, had previously raised £1.6 million from a range of institutions and individuals as part of a pre-IPO round of financing. The company has also acquired its first project: a forestry plantation in Queensland. Bennett intends to acquire other established projects with prospective internal rates of return above 16%. This should make the business immediately cash-generative. Proceeds from harvests will be returned to shareholders or invested in new projects. Bennett aims to pay a dividend that will give investors in the flotation an initial yield of 8% from 2006. He also hopes to ‘achieve geographical and product balance when selecting acquisitions’. This should lower risks and ensure diversity across climates and markets as well. The shares jumped 10.7% on their first day of trading, valuing the company at £15.6m. Hold for further growth and income potential.
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Market cap: £15.6m
PE Forecast: n/a
Share price: 83p
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