NZ$117 Million Tasman Agriculture Deal Signed

Tuesday, 24 April 2001, 9:02 am
Press Release: BIL

BIL
Dairy Holdings Ltd
Joint Media Statement

Monday 23 April 2001 For Immediate Release

NZ$117 MILLION TASMAN AGRICULTURE DEAL SIGNED

South Island farming consortium, Dairy Holdings, has bought BIL’s 66% shareholding in Tasman Agriculture for NZ$117 million. The transaction, signalled last month, was signed on Friday. It will be settled in mid-June.

Mr Alan Pye, leader of the Dairy Holdings consortium, said he was pleased the deal had been finalised.

“We are looking forward to working with Tasman Agriculture’s management,” he said.

Mr Greg Terry, Managing Director of BIL, said his company believed Tasman Agriculture had reached its maximum value under its ownership and that it was time for other investors to take the company forward.

“Our profit, based on current book value, is approximately NZ$25 million. Based on historic cost, our realisation would be significantly more,” he said.

Mr Terry said the sale was the second major transaction completed by BIL’s New Zealand team in the last six months.

“With the sale of our shareholding in Sealord Ltd for NZ$207 million and the sale of a number of properties and non-core assets, today’s transaction means our New Zealand team, led by General Manager Arun Amarsi, has successfully released more than NZ$350 million in the last six months,” he said. “We now have the funds to actively pursue new investments and that work is already underway.”

ENDS

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