Timbercorp almond assets sold
|
|
Timbercorp investors who believed they might secure control of the company's almond assets have learned today that the liquidators have opted instead for a sale to a Singapore company for $128 million.
The liquidators, Mark Korda and Leanne Chesser, announced to the Australian Securities Exchange today that agreement had been reached to sell the assets to Singapore-based publicly-listed company Olam International.
The sale, which is subject to regulatory approvals, involves 8,096 hectares of almond groves near the Murray River around Robinvale in northern Victoria and represents around 30 per cent of the Australian almond crop.
Importantly, the sale also includes water rights to 40,825 megalitres.
The announcement said nearly 7,000 growers had invested in the almond plantings under managed investment schemes, with further funding provided by financiers, and that discussions were underway to resolve the claims between stakeholders with respect to the sale proceeds.
AUTHOR
Mike Taylor
Recommended for you
The corporate regulator has cancelled the AFSL of a Queensland-based financial services provider, having held the licence since mid-2016.
Advisers need to closely scrutinise how much volatility exists in private assets during their portfolio construction and how this is demonstrated by the providers, according to commentators.
Consulting firm Bain & Company has shared how it believes the wealth management industry can be transformed and three questions firms should consider.
Prime Minister Anthony Albanese has confirmed who will succeed Stephen Jones to serve as the Assistant Treasurer and Financial Services Minister.
