{"id":17039,"date":"2019-10-03T15:00:52","date_gmt":"2019-10-03T19:00:52","guid":{"rendered":"https:\/\/www.benefitscanada.com\/news\/psp-acquiring-australian-agriculture-firm-for-a854-million-136576"},"modified":"2019-10-03T15:00:52","modified_gmt":"2019-10-03T19:00:52","slug":"psp-acquiring-australian-agriculture-firm-for-a854-million","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2019\/10\/03\/psp-acquiring-australian-agriculture-firm-for-a854-million\/","title":{"rendered":"PSP acquiring Australian agriculture firm for A$854 million"},"content":{"rendered":"\n
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\"copyright: <\/div>\n<\/p><\/div>\n

Staff<\/span> | October 3, 2019 <\/p>\n

The Public Sector Pension Investment Board is taking over Webster Ltd., an Australian agribusiness company, for A$854 million.<\/p>\n

While the PSP already owns 19.1 per cent of Webster\u2019s ordinary shares, its subsidiary PSP BidCo is acquiring the total remaining ordinary shares for A$2 per share, which is a 57 per cent premium on Webster\u2019s most recent closing price. It will also buy all Webster preference shares on issue for A$2 in cash per share through a separate arrangement.<\/p>\n

The company operates walnut and almond orchards in New South Wales and Tasmania, and also owns land for cotton and other annual crops, cattle and Dorper sheep production, a water entitlements portfolio and an apiary business.<\/p>\n

Read: PSP making construction loan in D.C., Caisse taking part in sustainable rail travel proposal<\/a><\/strong><\/p>\n

Maurice Felizzi, managing director and chief executive officer at Webster, said the PSP was the logical owner of Webster\u2019s portfolio given the fund\u2019s focus on long-term growth. \u201cWe are encouraged by their understanding of our business and its ongoing importance to regional and rural communities in Australia,\u201d he said in a press release. \u201cPSP Investments has a proven track record in managing and investing in agricultural assets over the long term for sustainable value creation and therefore we believe this transaction represents a positive outcome for all stakeholders in our business.\u201d<\/p>\n

The purchase is part of the PSP\u2019s natural resources group, which directly invests in agriculture, timber and related opportunities around the world.<\/p>\n

Read: A look at the role of farmland in pension portfolios<\/a><\/strong><\/p>\n

If the deal is approved by shareholders, Webster will transfer certain assets to a newly created PSP group entity called KoobaCo for a value of A$267.7 million, plus the net working capital acquired with the business.<\/p>\n

Existing investors Belfort Investment Advisors Ltd. and Verolot Ltd., which own 12.5 per cent and 10.7 per cent of Webster\u2019s ordinary shares, respectively, will be offered the opportunity to acquire a 50.1 per cent ownership stake in the new company.<\/p>\n

Read the full article at BenefitsCanada.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Staff | October 3, 2019 The Public Sector Pension Investment Board is taking over Webster Ltd., an Australian agribusiness company, for A$854 million. While the PSP already owns 19.1 per cent of Webster\u2019s ordinary shares, its subsidiary PSP...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/17039"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=17039"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/17039\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=17039"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=17039"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=17039"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}