My Food Bag retreats from product disclosure statement

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My Food Bag has retreated from statements made by its chief executive about the information contained in share float documents.

My Food Bag chief executive Kevin Bowler.

My Food Bag chief executive Kevin Bowler.
Photo: Supplied

The company last week issued a product disclosure statement (PDS) as it announced a planned $342 million share float and a listing on stock exchanges on both sides of the Tasman.

The company’s chief executive, Kevin Bowler, was quoted in a story by BusinessDesk that said the company would likely perform better than financial forecasts made in the PDS, and suggested it had not put more optimistic forecasts into the document that had risk.

That might contravene financial market regulations about information contained in a PDS.

My Food Bag’s chairperson Tony Carter has moved to clarify Bowler’s comments.

“The board believes that the prospective financial information contained in My Food Bag’s product disclosure statement dated February 11, 2021 (PDS) has been prepared with due care and attention, and considers the assumptions, when taken as a whole, to be reasonable at the time of preparing the PDS,” Carter said.

“My Food Bag is confident that it will achieve its prospective financial information, but any suggestion that the business will outperform those financial results should be disregarded.”

The PDS showed revenue growing through to next year, when there would be a small dip in revenue.

The share float opens on 19 February, with preference being given to staff and customers. There is no public pool and other retail investors would need to try to buy shares through a broking firm.

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