Great Southern votes on proposal to transform business
Great Southern (GSL) has announced the results of voting on the final proposal to exchange its project interest in eight of its managed investment schemes (MIS) to shares in GSL.
A majority of investors passed a special resolution in which they will exchange $88 million of cattle assets for 176 million shares in the company. The success of the cattle assets, and the value of the company’s cattle land holdings, have a combined value of more than $290 million and will provide the company with significant opportunity and flexibility.
The proposal to convert the plantation interest into shares did not reach the required majority. Individual offers to exchange MIS project interests for shares will remain open until January 29.
“We are delighted to have achieved the necessary ‘yes’ votes that have been cast for the two beef cattle projects. More than 70 per cent of project investors voted in respect of those projects and clearly the majority of investors see the benefit of the proposal,” said managing director Cameron Rhodes.
Issuing the shares would be a major achievement in the current market environment and would “significantly” enhance the level of transformation of the company, Rhodes said.
The scheme is subject to shareholder approval on January 22.
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