Friday 1st October 2021
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Seeka Limited advises that the Shareholders of Orangewood Limited voted in favour of acquisition by amalgamation with Seeka today. 100% of shareholders who voted, at the Orangewood Special Shareholders Meeting, were in favour well ahead of the required 75% threshold.
The transaction still has conditions to be met and to obtain any regulatory approvals (to the extent any are required). The transaction is expected to be completed before 15 December 2021.
Fred Hutchings, Seeka Chair, commented that the high level of support from the Orangewood shareholders is very pleasing and is a positive confirmation of shareholder and grower confidence in the deal and the future. Commercially there is common sense in bringing the two companies together in the region. The integration process will commence once the deal is settled.
Brad Davies, Orangewood Chair, advised that this transaction makes sense from every perspective given Orangewood would need significant capital investment while Seeka has already made the investment and has processing capacity available along with a track record of delivering competitive returns to its growers and stakeholders.
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