Wednesday 2nd December 2020
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On behalf of the directors of Allied Farmers Limited (Allied Farmers), we are pleased to offer Eligible Shareholders the opportunity to participate in our renounceable rights issue of 1 New Share for every 3 Existing Shares held, at an issue price of 50 cents per New Share, to raise up to approximately $2,975,788.
We intend to use the proceeds from the Offer to execute on our strategy to invest in the growth of our rural-focused finance business, innovation initiatives, and investment in digital technologies. As highlighted in our recent FY20 financial results commentary, our intention is to continue to evaluate and potentially invest in profitable and innovative technologies either by strategic partnership or through direct investment within a disciplined and ethical investment framework.
Eligible Shareholders are entitled to take up 1 New Share for every 3 Existing Shares held, and to apply for additional shares at the same price. If you choose not to invest, and the offer is fully subscribed, you will experience dilution of around 25% in your percentage interest in Allied Farmers.
Management Company Investment and New Zealand Rural Land Company IPO
At our Annual Meeting, Shareholders also approved the issue of 5 million shares at 50 cents per share in consideration for the conditional purchase of a 50 percent interest in NZ Rural Land Management Limited Partnership (the Manager), the manager of NZ Rural Land Company Limited (NZRLC). NZRLC is currently raising funds in an initial public offering to invest in rural New Zealand land.
Notwithstanding that the purchase of an interest in the Manager did not require shareholder approval, at the Annual Meeting shareholders provided feedback that they would like to understand more about our proposed investment in the Manager. Now that the NZRLC offer has been made public, and the Management Agreement between the Manager and NZRLC (Management Agreement) is also public, we have provided this information in the question and answer sheet accompanying this Offer. In addition, a copy of the Management Agreement can be found at www.disclose-register.companiesoffice.govt.nz by searching offer number ‘OFR12993’.
If you would like to learn more about NZRLC’s public offering, a copy of its product disclosure statement and application form can be found at www.disclose-register.companiesoffice.govt.nz by searching offer number ‘OFR12993’, or you can alternatively visit: www.nzrlcshareoffer.co.nz.
See the links below for more details:
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