ETT have $3.3m in cash according to the chairmans address on 27 August.
At 0.6c they have a cap of around $10m including the proposed issue of shares to Farmworks.
Chairman of ETT Glenn Tetley said: “FarmWorks is a well respected brand in its current markets and a very successful business that has rapidly expanded its branch penetration along with it’s and product and service offering into Australia’s rural communities.” “Recent corporate activity in Australia, not least Sinochem’s $2.8 billion takeover proposal for Nufarm, attests to the growth prospects for the Australian agricultural sector. This is underpinned by the strength of soft commodity prices and global food demand.” “The Directors of ETT look forward to supporting the rollout of FarmWorks business in the eastern states of Australia which represent substantial opportunities.” FarmWorks’ long term strategy is to achieve a nationwide footprint covering the majority of broadacre farming areas. With a direct customer base of over 2500 growers through its branches and indirect access to a further 3000 growers through its agency network, the FarmWorks brand is now well established and acts as the access to market for a portfolio of goods and services which includes: �� FarmWorks Rural Merchandise; �� FarmWorks Livestock; �� FarmWorks Finance; and �� FarmWorks Real Estate FarmWorks currently employs over 60 staff with approximately 66% of revenues derived from Western Australia, 23% from Queensland and New South Wales and 11% from South Australia.
