Elders (formally Futuris) has finally sold its 20pc stake in the Australian Agricultural Company, today announcing a book build process that shifted the stock to domestic and international retail and institutional investors.
In a statement to the stock exchange this morning, Elders announced that ABN Amro Morgans and RBS Equities Australia had conducted the book build, which shifted 52,852,891 shares at $1.60 a share.
Gross proceeds of $84.5 million will be realised on May 14.
It will bring the total proceeds of Elders divestment of its once major shareholding of 113m shares in AAco to $185.6m.
AAco chairman Brett Heading welcomed the end to the what has been a prolonged and difficult process, which was delayed by the collapse of a property deal under which barrister Alan Myers QC would have taken the 20pc stake in return for AAco buying two of his Northern Territory properties, Tipperary and Litchfield stations.
"We are very pleased that the lengthy process that Elders has gone through to divest its stake has finally reached a conclusion," AAco chairman Brett Heading said.
"The fact that the company now has a supportive, long-term shareholder base, combined with the recent board changes, allows AAco to focus its business and its strategic direction.
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