24th October 2023 King Honey / Me Today
The honey and VMS company is in talks with its lenders after warning that it is likely to undershoot its sales forecasts – with a capital raise and asset sales still on the table.
Me Today is rounding out its 2023 new product development programme with the planned release of a Me Today brand Super Honey.
The embattled honey and VMS company is looking at the sale of assets or raising new capital after another punishing year keeps its balance sheet under pressure.
The honey and VMS company is slashing hive numbers to below 2,000 in a further scaling back of the 18,000 hives it acquired with King Honey.
A poor mānuka honey harvest more than doubles Me Today’s expected write-down.
The honey and VMS company’s H1 results attracted more red ink as it worked through the restructure of its honey operation and continued investing to build its sales pipeline.
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Manuka honey specialist Comvita has laid out a bullish forecast at its annual shareholder meeting, in contrast with Me Today, whose troubled acquisition of King Honey continues to drag the business.
The King Honey owner says the new products will be out next month, and it also reveals how much revenue its acquired honey business has generated.
King Honey owner Me Today says it has placed $750,000 of the shortfall arising from its rights issue, bringing the total capital raised to approximately $7.5m.
Health, wellness and honey company Me Today has raised approximately $6.74m from a rights issue which closed on Thursday 23 June – enough to cover cashflow but short of the $10m target.
King Honey owner Me Today has opened its $10m rights issue offering eligible shareholders the opportunity to participate at $0.01 per share.
The healthcare and wellness group is downsizing its honey operations and raising cash to invest in its brands and international distribution.
Auckland-headquartered international coffee chain Cooks Global Foods has issued 80,989,340 new shares at 3 cents each totalling $2.43m following a shortfall from its rights issue last year.
The healthcare and wellness company has had to turn to its investors for cash after being surprised by inventory levels after its acquisition of King Honey.
Me Today Group has called a special meeting for Friday 18 March to seek approval from shareholders for a $6m placement of additional share capital.
The healthcare and wellness company turns to shareholders to stump up funds because of “cashflow pressure” following its King Honey acquisition.
Me Today’s proposed $15.75m capital raise which will part fund its $36m purchase of King Honey from Sky co-founder Terry Jarvis has won support from wholesale investors.