31 Aug 2023

WAF makes unsolicited offer for up to 1.65m shares in Allied Farmers

2:18 pm on 31 August 2023
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WAF offered $0.715 a share, a 5.15 percent premium to Wednesday's closing price. Photo: 123RF

Private New Zealand-based investment firm WAF has made an unsolicited offer for up to 1.65 million shares in Allied Farmers.

WAF's offer of $0.715 a share was a 5.15 percent premium to Wednesday's closing price of $0.68 cents a share.

If successful, it would take WAF's stake in Allied from 14.25 percent to a threshold of 19.99 percent. Anything more than 19.99 percent would be caught by New Zealand's Takeovers Code.

WAF has been building up its stake in Allied over the past eight months with two substantial parcels purchased in February and May.

Unsolicited offers are subject to the Financial Markets Conduct Regulations and must be made with clear and concise disclosure documents.

Allied recommended shareholders who received an offer to seek financial advice.

WAF's offer was for a maximum of 1.65m shares out of a total 28.8m shares. The offer valued Allied at $20.6m, compared with Wednesday's close of $19.6m