Goodman Fielder (ASX:GFF) is Australasia’s leading listed food company, delivering products to over 30,000 supermarkets, convenience stores and food service customers throughout Australia, New Zealand and the Pacific Islands.

The company owns a host of iconic bakery and dairy brands, including Meadow Lea, Praise, White Wings, Pampas, Mighty Soft, Helga’s, Wonder White and Irvines.

GFF has announced a $259 million capital raising to improve its balance sheet flexibility.

The group warned that trading conditions were difficult in its baking and dairy divisions, as it contended with higher commodity prices and reduced demand for its brand name products.

It has been one of the shares to sell in recent times due to these problems.

The new equity will be priced at 45 cents a share, representing a 24% discount to its last closing price.