Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

66% Shareholding In Tasman Agriculture

BIL

BIL has been notified by a South Island farming consortium of its intention to purchase its 66% shareholding in Tasman Agriculture for NZ$117 million.

BIL is currently in discussions with the consortium headed by Alan Pye, a prominent South Island farmer, and hopes to complete an agreement for Sale and Purchase by mid-April for settlement in mid-June.

BIL has been a shareholder in publicly listed Tasman Agriculture for 10 years.

Mr Greg Terry, Managing Director of BIL said today that the offer represented a price of NZ$1.68 per share, which would give BIL a profit on the transaction of approximately NZ$25 million.

BIL believed it had maximised its value and it was now time for other investors to take the company forward.

“This potential sale, in conjunction with recent divestments, will have released more than NZ$350 million in cash over the past six months from New Zealand investments,” he said.

Mr Terry said that following these sales BIL was actively considering a number of opportunities in New Zealand and elsewhere.

END

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Talking Up The Economy: NZD Gains On PM's Mistaken GDP Comment

Her comments were downplayed by her chief press secretary who said she was referring the government's June year financial statements and had "made a mistake." More>>

ALSO:

Oxfam: Drug Companies Cheating Countries Out Of Billions In Tax

Oxfam’s analysis suggests these four companies are shifting profits out of countries where they do their business and into tax havens that charge little or no tax. More>>

Off The Lam: 50 Lambs Reported Lost, Found

The sheep had escaped and merged with another farmer’s flock. The combined flocks had been moved to another property before the farmer realised the missing sheep were included. More>>

Rotting Poles: Commission To File Proceedings Against Aurora Energy

The Commerce Commission has decided to file court proceedings against Dunedin-based electricity lines company Aurora Energy for breaching its regulated quality standards in 2016 and 2017. More>>

ALSO:

Gordon Campbell: On The Rising Cost Of Petrol

As petrol gets more and more expensive, Auckland motorists have several things to blame for it – the slumping value of the Kiwi dollar, Donald Trump’s sanctions on Iranian oil, hurricanes in the Caribbean… But it is simpler and feels better to lay all the blame on the regional fuel tax. More>>

ALSO: