TasAg gets ready to leave

TasAg reports that the previously outlined restructuring of the company, which will see it placed in voluntary solvent liquidation, was unanimously approved at the company's AGM this week.

Chairman, Howard Paterson, says a liquidator is expected to be appointed at the close of trade on October 31, at which time the shares will also cease trading.

Mr Paterson says voluntary liquidation had been chosen as the most effective way to distribute surplus funds to shareholders, realised from the sale of TasAg's New Zealand farms.

Under the proposal shareholders will get a cash payment of $1.20 per share and will also receive shares in Leander Holdings, TasAg's NZ-based company which owns and operates the company's extensive Australian interests.

The shares in Leander (LHL) will be distributed on a one for one basis and will be able to be traded on the unlisted securities market.

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