Timbercorp's olive assets sold for $59.5 million
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Timbercorp’s olive assets at Boort and Boundary Bend have been sold to Boundary Bend Limited (BBL) for $59.5 million following a competitive sale process.
As part of the sale agreement, growers in Timbercorp’s olive managed investment scheme (MIS) projects will be given the first right to a guaranteed entitlement allocation in BBL’s equity raising, according to a Boundary Bend statement.
“If all Timbercorp olive MIS [managed investment scheme] investors take up their individual entitlement, they will get 100 per cent of the equity that Boundary Bend Limited plans to raise,” Boundary Bend executive chairman Rob McGavin said.
The assets bought by BBL include 6,012 hectares of olive groves at Boort and Boundary Bend, water rights on the Murray and Goulburn systems, an olive processing facility located at Boort and Timbercorp’s 19.4 per cent equity interest in BBL.
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