Seeka completes OPAC amalgamation

Seeka Limited [NZX:SEK] advises that the amalgamation with Opotiki Packing and Cool Storage Limited [“OPAC”] has been successfully completed subject only to issue by the Companies Office of the Certificate of Amalgamation, following which OPAC will be a wholly owned subsidiary of Seeka and OPAC shareholders will all become shareholders in Seeka.

All conditions of the $59m transaction were satisfied including; the overwhelming shareholder support of both companies; support of OPAC growers and banking support from Westpac.

Seeka will issue 7,042,574 new shares to OPAC shareholders and assume $25.09m of OPAC debt.

Seeka now moves into an integration phase to align the business processes of OPAC with Seeka. The immediate focus of management is to complete a safe and successful harvest.

Seeka thanks the advisers and due diligence partners on behalf of both companies on the successful completion of this transaction.

Release ends.
For further information please contact:

Michael Franks Seeka Chief Executive 021356516
Stuart McKinstry Seeka Chief Financial Officer 0212215583

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Announcement PDF