Winton Land Limited's existing shareholders, Wanaka Partners and TC Akarua 2 Pty Ltd, have entered into an agreement in which Wanaka Partners will sell 14,830,687 Winton shares to Akarua.

The transaction will be completed in two tranches, with the first tranche expected to settle on December 1, 2023.

Akarua will acquire 7,839,521 shares in the first tranche and 6,991,166 shares in the second tranche, subject to shareholder approval.

The second tranche is conditional on the approval of Winton shareholders and will result in Akarua holding over 20% of Winton's shares.

Akarua has confirmed that it does not intend to acquire shares that would make Winton an "overseas person" under New Zealand's Overseas Investment Act.

Winton expects a meeting of shareholders to approve the second tranche to be held in January 2024.

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