An Update on Beston
Beston Global Food Company Ltd has requested an extension to the existing suspension of trading in the Company’s securities as they are not yet in a position to make an announcement about its future funding arrangements. This does not mean that Beston will cease to operate. In fact the company is committed to continuing milk receivals and to improving its payment terms to those experienced over the past few months.
SADA maintains an open dialogue with Beston management.
Beston is currently in negotiations on alternative funding arrangements to refinance the existing debt and to provide working capital for the funding needs of the Company. Interest has been provided from parties who are currently undertaking due diligence on the Company to determine if a refinancing will be offered as indicated. The timetable for coming out of suspension is predicated on finalisation of the terms of a potential funding and completion of documentation. The Company expects it will be in a position to provide an update on that funding by 5 August 2024.
If any members would like to discuss their personal circumstances regarding Beston, please call or text Andrew on 0419 037 569