THE Ruralco-Landmark union now lies in the hands of Ruralco shareholders after Landmark parent Nutrien Limited received a no objection letter from the Foreign Investment Review Board (FIRB) giving the green light for its 100 percent acquision of Ruralco shares to proceed.
In a statement to the ASX this morning Ruralco Limited said the no objection letter from FIRB meant that the regulatory approvals conditions precedent has been satisfied and that shareholder approval can now be sought.
If shareholders approve the scheme, approval of the Federal Court of Australia will then be sought.
The Ruralco statement outlined the timetable for the next step as follows:
- Deadline for receipt of proxy forms – 10.00AM, Wednesday 4 September 2019
- Voting record date – 7.00PM, Wednesday 4 September 2019
- Scheme Meeting – 10.00AM, Friday 6 September 2019
- Second Court Date – Thursday 12 September 2019
- Implementation Date and Payment Date – Monday 30 September 2019
“The Ruralco Board continues to unanimously recommend that shareholders vote in favour of the Scheme in the absence of a superior proposal,” the statement said.
“The Independent Expert concluded that the Scheme is fair and reasonable and therefore in the best interests of Ruralco shareholders in the absence of a superior proposal.
“Shareholders are therefore encouraged to vote in favour by lodging completed proxy forms by the deadline – 10.00AM, Wednesday 4 September 2019, or by attending the Scheme Meeting and voting in person.”
Today’s news follows confirmation that the ACCC would not opposed the deal five days ago.