Stockbrokers Ord Minnett and JB Advisory are seeking buyers for Wattle Health Australia.
Wattle Health shares went into a trading halt on Tuesday morning, as its brokers kicked off a bookbuild for up to 17.9 million shares worth $22.4 million.
New shares were being offered at $1.25 each which was a 10.4 per cent discount to the last close and a 38.2 per cent discount to the theoretical ex-rights price.
The brokers were calling for bids into the shortfall book by 5pm on Tuesday.
Up for grabs was stock left over from the company's recent one-for-five rights issue. Funds raised were to help provide secured loans for its CBDG joint venture so it could ramp up its ush into the organic dairy sector.
WHA Price at posting:
$1.40 Sentiment: Buy Disclosure: Held