Tasfoods Secures Pyengana Dairy Sale

1 week ago

The waste proceeds will beryllium utilized to salary down indebtedness and "strengthen" nan company’s poultry proviso chain.

Australia’s TasFoods has agreed to waste its Pyengana Dairy business arsenic portion of a antecedently announced strategy to fortify its beingness successful poultry processing.

The artisan food business will beryllium sold to Research Corporation Pty Ltd. and Associates, which includes nan MSC ATF AgFood Opportunities Fund, a TasFoods’ shareholder.

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In a banal speech filing coming (25 September), nan group, which is besides progressive successful pet-food production, said nan waste proceeds will beryllium utilized to salary down debt.

The transaction is weighted astatine A$2m ($1.3m), including A$1.7m successful rate and up to A$300,000 successful TasFoods’ shares held by AgFood, positive inventories.

TasFoods added that immoderate of nan proceeds will beryllium utilized to “strengthen” its poultry proviso chain.

“It is our position that nan divestment of Pyengana Dairy to Research Corporation Pty Ltd and Associates provides nan premium marque and artisan award-winning products pinch nan champion imaginable opportunity to execute its afloat imaginable of scaling-up nether caller ownership arsenic portion of nan business unit’s maturation strategy nationally and into export markets overseas,” TasFoods said successful nan filing.

The move finalises a process that began successful August pursuing a strategical reappraisal by nan company.

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Acquired successful 2017 to diversify TasFoods’ portfolio, nan institution said astatine nan clip that nan “current institution building is not nan due conveyance to create and standard up” nan food business. A waste would springiness Pyengana Dairy “the champion imaginable opportunity” to grow nether caller ownership successful home and export markets, it said.

TasFoods added coming that it had received nary different expressions of liking aliases further offers speech from Research Corp. and AgFood.

The transaction is taxable to shareholder approval, pinch an bonzer wide gathering (EGM) to beryllium scheduled successful nan coming weeks, apt successful November.

TasFoods will proceed to negociate Pyengana Dairy nether a paid monthly services statement pinch nan caller owners to guarantee operational goals are achieved and to assistance pinch its maturation plan.

Post-transaction, Research Corporation Pty Ltd and AgFood will collectively clasp 12.94% of TasFoods shares, nan filing confirmed.

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