Global almond grower Select Harvests Ltd
(ASX:SHV) proposed $25 million acquisition of 1,619 acres of almond orchards at Lake Powell in north-west Victoria has fallen over.
This week, Lake Powell orchard unit holders voted against private agribusiness group Seven Fields selling the orchards to Select, however the company will retain its management rights.
The deal was subject to a vote of approval from 75% or more of existing unit holders.
CEO John Bird says the company’s growth plans, including consolidating its position in the Murray Darling basin and establishing orchards in the Dandaragan region of Western Australia, remain on track.
Mr Bird adds that the capital management plan the company has in place will fund further growth opportunities in almonds in what remains a strong sector.
The company owns or leases 3,368 acres of orchards in north-west Victoria, which is set to increase by 3 to 4,000 acres following a long-term leasing agreement with Rural Funds Management for orchards near Hillstone.
Select Harvests posted a profit of $16.71 million for fiscal 2009.
