Investors in PRD Investments (PRDI) have voted in favour of a proposed restructuring i.e. doing an in-specie distribution of the Poplar units owned by PDRI, and then liquidating PDRI. On a shareholding basis there was 79% support for the special resolution that gives effect to the restructuring. On a number of shareholder basis 80% of shareholders voted in support of the resolution.
From here, the next step involves the offeror working with the board of the farm syndicate to put together valuation information on which the shareholders will be asked to select a share price to be used in the pre-emptive rights that are obliged to be followed i.e. the price at which the shareholder would be prepared to sell their units to other investors in the Poplar Road farm syndicate.
PRD Investments Limited (PRDI) is the largest shareholder (21.58%) in Poplar Road LP (Poplar), a 180ha dairy farm at 1074 Poplar Road, Hinds, mid-Canterbury (the Farm) established in August 2013. This farm was converted to dairying in 2009 and is fully developed. It is fully irrigated and has good water rights and a 7 ha storage lake.
Important: please note this Issue is subject to the Overseas Investment Act 2005 which may limit the level of overseas or non-resident investors. This may mean that bids from Overseas and Non-Resident Investors are not able to be completed. Any bids received on listings made by Overseas Investors on Issues that are subject to Foreign Ownership restrictions require Issuer approval to be compliant with New Zealand’s Overseas Investment Act 2005. Any accepted bids or bids matching your set offer price that do not comply with the Foreign Ownership restrictions may have transfer approval withheld by the Issuer. As a result, the trade will be unable to be completed. For further information please contact the Issuer.
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