Tampa beverage company offers $150M in stock

TAMPA -- Cott Corp. wants to remove some of the obstacles in the way of expansion, and will do it by offering more than 16 million common shares.

The Tampa beverage company will offer the shares, at $9.25 per share, through underwriters CIBC and Barclays, according to a filing with the U.S. Securities and Exchange Commission. The primary offering is 14.1 million shares, but could expand another 2.1 million shares if CIBC and Barclays exercise an over-allotment option.

The sale would generate revenue between $130.4 million and $150 million, company executives say. While not sharing details, Cott added the sale would help eliminate “certain restrictions” the company has on pursuing strategic objectives, including acquisition or expansion opportunities.

Cott, which trades on the NYSE under the symbol COT, closed Tuesday at $9.59, and has traded between $5.95 and $10.05 over the past year. The number of shares offered to underwriters would represent more than 17% of current outstanding shares.

The news comes soon after Cott named Jason Ausher its new chief accounting officer. Ausher has been with Cott since July 2008, when he joined as the company's controller. He was promoted to vice president in the corporate development division in June 2011.

Earlier this month, Cott reported a net loss of $6 million, or 6 cents per share, on revenue of $709.8 million, for the quarter ended April 4. That compared to a $4.1 million, or 4 cents per share loss, the year before on revenue of $475.1 million.

Cott did spend part of 2014 in acquisition mode, picking up Aimia Foods Holdings Ltd. in May for $87.6 million, and DSS Group Inc. in December for $1.2 billion.