Allied Farmers to pay $8.3m in cash and shares for NZ Rural Land Co management contract

Mon, 27 Mar 2023

Allied Farmers paid $8.3 million – $6.55m in cash and $1.75m in stock – to buy out its 50/50 partner in the manager of the agricultural landlord, NZ Rural Land Co. The rural services firm exercised its call option in December to buy the other half of the management company it didn’t own and completed the deal today. The 97.21 cents per share issue price was based on Allied’s 20-day volume-weighted average, a premium to the 72 cents price the shares closed at on Monday. The 1.8m shares issued to the former...

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