Rights offering

The company estimates that net proceeds from the issue of new shares will amount to approximately PLN 18 million and will be used to partially finance the implementation of the investment program for 2013-2014 with a total value of approximately PLN 34.4 million.

The estimated use of funds raised from the issue of shares is presented in the table below:

Specification Funds raised from the issue of Series E Shares
(in thous. of PLN)
Strengthening the sales network at home and abroad 1.000
Strengthening the production potential 12.800
        Expansion of the finished products warehouse 6.000
        Purchase of machinery and equipment 3.500
        Design of an energy-saving cereal dryer with heat recovery and an integrated dust extraction system 3.300
IT system 1.092
Expansion of the research and development department 532
Increase in working capital 2.576
Total investment expenses 18.000