Great Southern votes on proposal to transform business
Great Southern (GSL) has announced the results of voting on the final proposal to exchange its project interest in eight of its managed investment schemes (MIS) to shares in GSL.
A majority of investors passed a special resolution in which they will exchange $88 million of cattle assets for 176 million shares in the company. The success of the cattle assets, and the value of the company’s cattle land holdings, have a combined value of more than $290 million and will provide the company with significant opportunity and flexibility.
The proposal to convert the plantation interest into shares did not reach the required majority. Individual offers to exchange MIS project interests for shares will remain open until January 29.
“We are delighted to have achieved the necessary ‘yes’ votes that have been cast for the two beef cattle projects. More than 70 per cent of project investors voted in respect of those projects and clearly the majority of investors see the benefit of the proposal,” said managing director Cameron Rhodes.
Issuing the shares would be a major achievement in the current market environment and would “significantly” enhance the level of transformation of the company, Rhodes said.
The scheme is subject to shareholder approval on January 22.
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
