ALF
11/06/2015 17:28
ASSET
NOT PRICE SENSITIVE
REL: 1728 HRS Allied Farmers Limited
ASSET: ALF: Livestock Business Acquisition
11 June 2015
NZ Farmers Livestock acquires interest in Hawke's Bay Livestock Business
Allied Farmers Limited (ALF) is pleased to announce that its subsidiary, NZ
Farmers Livestock Limited (NZFL)*, has entered into a conditional agreement
to acquire a 52 percent interest in the Hawke's Bay livestock business
currently conducted by L.I.Redshaw Limited (Redshaws) from Laurence Redshaw
for a confidential purchase price. If the conditions in the agreement are
satisfied, the interest will be acquired in three equal instalments on 1 July
2015, 1 July 2016, and 1 July 2017.
Mr Redshaw will continue to lead the business after settlement, and the
remaining shareholders are all agents or employees of the business.
Further information is set out in the press release set out below.
Garry Bluett
Chairman
* ALF owns 57 percent of the shares in NZFL. The remaining shares are owned
by agents and employees of NZFL.
Press Release:
Redshaws and NZFLL join forces
L I Redshaw Ltd and NZ Farmers Livestock Ltd are pleased to advise that NZ
Farmers Livestock will, from 1 July, take part ownership of Redshaws, with a
view to growing this position over coming years.
Redshaws have provided livestock and related services throughout and beyond
the Hawkes Bay for many years.
The Redshaws livestock service to farmers will continue as usual.
Manager/owner, Laurence Redshaw noted his confidence in the value that this
progression would add to Redshaws' service to farmers in and beyond the
region, now and into the future.
Bill Sweeney, GM Livestock at NZ Farmers Livestock, will join the Redshaws
board, and commented that the closer relationship between the teams built on
years of working successfully together for farmer clients, offered
opportunity to bring the best of both to future service, and was a great
opportunity for NZ Farmers Livestock's expansion nationally.
Further information:
Laurence Redshaw (ph 027 442 5481)
Bill Sweeney (ph 027 451 5310)
End CA:00265569 For:ALF Type:ASSET Time:2015-06-11 17:28:18
