The Canadian takeover of an Australian company with significant properties in the Riverina has been finalised. Share trading in Webster Limited was suspended at the close of trading on the Australian Stock Exchange.
That followed the New South Wales Supreme Court approving a scheme of arrangement, allowing an indirect wholly owned subsidiary of the Canadian Public Sector Pension Investment Board (PSP Investments) to acquire Webster shares. The deal was overwhelmingly supported by Webster shareholders.
Webster grows walnuts and almonds outside Griffith at Tabbita and Avondale and Sandy Valley orchards. Walnuts are also grown near Leeton and in Tasmania. The business also has properties at Bringagee, Benerembah, and Kooba Station and also run livestock at Tandou and Packsaddle Station in NSW and at Kalabity Station in South Australia. As well as the physical assets, Webster has extensive water entitlements.
Goodfruitandvegetables.com.au reports how Webster shareholders will get $2 per share for every ordinary share they hold as of 7pm on February 11. When the deal was announced in October last year, it valued Websters at around $724 million.
PSP Investments invests for the pension plans of Canada’s federal public service and armed forces, the Royal Canadian Mounted Police (the Mounties) and the Canadian Armed Forces Reserve Forces.
In October, Webster said it believed PSP Investments would be a “logical and suitable” owner of the Webster assets.
Publication date: Fri 28 Feb 2020