farm harvest harvester combine wheat
Source: Canva
  • Proposal to takeover made late yesterday
  • Roc Private Equity intends to acquire 100% of Vitalharvest at $1.08 per unit
  • There is currently no certainty whether the deal with go ahead

Agricultural property company Vitalharvest announced a potential takeover bid to the ASX today.

The non-binding proposal from Roc Private Equity Pty Ltd was made late yesterday, offering to acquire 100% of issued units in Vitalharvest at $1.08 in cash per unit.

Vitalharvest said in the statement the offer was “by way of a trust scheme”.

Pending shareholder approval, the company said if a majority did not approve the takeover but did approve “a resolution under ASX Listing Rule 11,” then Vitalharvest would set out the terms.

In its release to the ASX, Vitalharvest noted the te adjustments would be: “Other than as to price, ROC has stated that it intends that the Roc Proposal if it became a binding proposal, would be on substantially the same terms as the proposal, announced on 17 November 2020, from Macquarie Agricultural Funds Management Limited as trustee for the Macquarie Agriculture Fund – Crop Australia 2(MAFM), including that VTH would be permitted to pay a distribution of 2.5c per VTH Unit from rent received for the first half year ended 31 December 2020.”

There is no certainty at present, whether the deal will go ahead.

Vitalharvest is currently trading at $1.06.

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