Capilano Honey (ASX:CZZ) has advised that the holder of its Foundation Share, Capilano Beekeepers has stated that it intends to support the transaction with Bravo BidCo and Bravo HoldCo – an entity owned by Wattle Hill RHC Fund and Roc Capital.
Under the Scheme Implementation Agreement, it is proposed that BidCo will acquire 100 per cent of the shares in Capilano by way of a scheme of arrangement.
Since the transaction was announced, meetings have been held between the Consortium and beekeepers at six beekeeping regions.
This has given beekeepers the opportunity to quiz the Consortium on their plans for Capilano, and the positive reception from beekeepers is understood to have helped the Board of CBL form its view on the transaction.
Shares in Capilano Honey (ASX:CZZ) are trading 0.28 per cent lower at $21.22.