Primewest Group Limited (ASX:PWG) support proposal to acquire VitalHarvest

Company News

by Rachael Jones

Primewest Group Limited (ASX:PWG) reports that its wholly owned subsidiary, the manager of Vitalharvest Freehold Trust (ASX:VTH) has entered into a Facilitation Deed with Macquarie Agricultural Funds Management in support of the Macquarie Infrastructure and Real Assets (“MIRA”) proposal.

The proposal is to acquire all of the issued units in Vitalharvest for $1.00 per unit by way of a trust scheme, or failing approval of the trust scheme the purchase of the assets of VTH for a cash consideration of $300 million.

The Facilitation Deed is conditional on the MIRA Proposal completing and at least 50 per cent of VTH unitholders who are not associated with Primewest voting in favour of the trust scheme.

In consideration for novating the management agreement for VTH to MAFML, Primewest will receive a fee of $8.0m following the conditions being satisfied.

Shares in Primewest Group Limited (ASX:PWG) last traded at $1.06.