Great Southern sweetens restructure
Big agribusiness player Great Southern Limited has sweetened a far-reaching restructure program it announced in August and which it claims will result in the creation of Australia’s largest hardwood plantation business at the same time as reducing levels of regulatory uncertainty.
The original restructure would have seen investors in the company’s 1998 to 2003 plantation projects and 2006 and 2007 beef cattle projects being offered shares in the company in exchange for their managed investment scheme (MIS) project interest.
However, the company said that it decided to revise the offer as a result of the volatility in global markets, Great Southern’s lower share price since the original proposal was announced and feedback received from project investors.
Under the revised arrangements, project investors will receive Great Southern shares in line with a formula based on the volume weighted average price prior to their vote.
The company claims that the key benefits of the revised approach are that project investors are provided significantly greater value certainty and, in the event of a lower share price, will receive considerably more shares.
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