scoop.co.nz 24 Mar, 2021 21:15 am

Leading Kiwifruit Companies To Amalgamate

Leading Kiwifruit Companies To Amalgamate
Seeka Limited (“Seeka”) and Opotiki Packing and Cool Storage Limited (“OPAC”) are to join via amalgamation. This transaction will see Seeka expand further to be operational in all of New Zealand’s major kiwifruit growing regions in a deal that ...

The OPAC shareholders will receive new shares in Seeka at the ratio of 1.94m provided OPAC shareholders approve the transaction with a 75% approval required.The offer is subject to a number of conditions, including approval of OPAC’s shareholders to the amalgamation at a shareholders’ meeting to be held on Tuesday 13 April 2021; and approval by Seeka’s shareholders to the issue of up to 7,042,574 new shares in Seeka at the ASM to be held on Friday 16 April 2021.Many OPAC shareholders and growers are also shareholders in Seeka.

4833 Seeka shares for every 1 OPAC share held, valuing the net assets of OPAC at $33.OPAC’s Chairman, Tony de Farias, in announcing the deal, said: “The amalgamation brings together two companies with a long relationship and similar ownership structures.

Read full story at scoop.co.nz