66% Shareholding In Tasman Agriculture
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.