BOUNDARY Bend (BBL) has finalised the $59.5 million purchase of Timbercorp's olive assets, but investor growers looking for their share of the proceeds will have to wait until the court decides how to split them between secured creditors and investors.
The olive grove manager ran all 6719 hectares of Timbercorp's olive groves at Boundary Bend and Boort in Victoria's north, a region that produces nearly 50 per cent of Australia's olive oil.
As flagged by The Australian Financial Review, BBL has also sold off 26,170 megalitres of permanent water rights to a Victorian superannuation fund and is leasing them back under a long-term arrangement which helped fund most of the acquisition.
That $49.25 million deal was also settled yesterday.
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