Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Australian agribusiness company <a href="https://www.smartkarma.com/entities/webster-ltd" target="_blank" data-smartkarma-citation="entities:14194:1" rel="noopener">Webster Ltd (WBA AU)</a> has entered a <a href="https://www.asx.com.au/asxpdf/20191003/pdf/449524vwjvp2p2.pdf" target="_blank" rel="noopener">Scheme Implementation Agreement</a> with Canada's PSP Investments.
The consideration under the Offer is $2/share, a 57% premium to last close and a 60% premium to the 30-day VWAP. 
PSP currently holds 19.1% in WBA following last year's <a href="https://www.asx.com.au/asxpdf/20180817/pdf/43xffb8dbfp922.pdf" target="_blank" rel="noopener">acquisition</a> of WBA's Bengerang Ltd, an owner and operator of agricultural land and water assets.
Should the Scheme be implemented, Webster will then transfer certain assets to a separate, newly formed PSP Investments group entity (KoobaCo), for a value of A$276.7mn plus working capital.
Belfort Investment Advisors (12.5% shareholder) and Verolot Limited (10.7%), Chris Corrigan (chairman) and David Fitzsimons (NED) investment vehicles respectively, will be offered an opportunity to acquire a 50.1% ownership in KoobaCo.
Belfort and Verolot remain free to vote on the Scheme but will only be entitled to acquire an ownership interest in KoobaCo if the Scheme is approved by the other WBA shareholders - that is, excluding any votes cast in favour by Belfort and Verolot. 
For clarity sake, the Scheme is not conditional upon Belfort and Verolot acquiring any interest in KoobaCo.
The Scheme has an expected completion date in mid-February. This appears a reasonably clean deal. 
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A walnut is the nut of any tree of the genus Juglan.

Australian agribusiness company Webster Ltd (WBA AU) has entered a Scheme Implementation Agreement with Canada's PSP Investments.
The consideration under the Offer is $2/share, a 57% premium to last close and a 60% premium to the 30-day VWAP. 
PSP currently holds 19.1% in WBA following last year's acquisition of WBA's Bengerang Ltd, an owner and operator of agricultural land and water assets.
Should the Scheme be implemented, Webster will then transfer certain assets to a separate, newly formed PSP Investments group entity (KoobaCo), for a value of A$276.7mn plus working capital.
Belfort Investment Advisors (12.5% shareholder) and Verolot Limited (10.7%), Chris Corrigan (chairman) and David Fitzsimons (NED) investment vehicles respectively, will be offered an opportunity to acquire a 50.1% ownership in KoobaCo.
Belfort and Verolot remain free to vote on the Scheme but will only be entitled to acquire an ownership interest in KoobaCo if the Scheme is approved by the other WBA shareholders - that is, excluding any votes cast in favour by Belfort and Verolot. 
For clarity sake, the Scheme is not conditional upon Belfort and Verolot acquiring any interest in KoobaCo.
The Scheme has an expected completion date in mid-February. This appears a reasonably clean deal. 

A walnut is the nut of any tree of the genus Juglan.

Australia

Webster Ltd. grows walnuts, onions and carrots, and holds an interest in a salmon fishery.

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Webster Ltd (WBA AU)

Webster: PSP Goes For the Juglans

Australian agribusiness company Webster Ltd (WBA AU) has entered a Scheme Implementation Agreement with Canada's PSP Investments. The consideration...

David Blennerhassett

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