Timbercorp almond assets sold

Timbercorp investors who believed they might secure control of the company's almond assets have learned today that the liquidators have opted instead for a sale to a Singapore company for $128 million.

The liquidators, Mark Korda and Leanne Chesser, announced to the Australian Securities Exchange today that agreement had been reached to sell the assets to Singapore-based publicly-listed company Olam International.

The sale, which is subject to regulatory approvals, involves 8,096 hectares of almond groves near the Murray River around Robinvale in northern Victoria and represents around 30 per cent of the Australian almond crop.

Importantly, the sale also includes water rights to 40,825 megalitres.

The announcement said nearly 7,000 growers had invested in the almond plantings under managed investment schemes, with further funding provided by financiers, and that discussions were underway to resolve the claims between stakeholders with respect to the sale proceeds.