Awn, a privately owned business which offers wool, livestock and rural property services across rural Australia, has reached an agreement with outgoing NZM chief executive John Brakenridge to buy all shares held by him in his own name and jointly with his wife Sarah.
In October, it was announced Mr Brakenridge would step down next year after 27 years as chief executive of NZM. A letter to shareholders at that time said NZM proposed to acquire up to 267,401 ordinary NZM shares held by him and 35,306 ordinary NZM shares held jointly by him and his wife, at a purchase price of $8.47 per share.
A statement to the Unlisted Securities Exchange said the purchase by Awn would be settled in three tranches: 225,000 shares to be settled on December 16, 156,676 to be settled on March 15 next year and 156,676 to be settled on April 14. The consideration for the shares would be $9.50 per share.
The earlier offers made by NZM would be withdrawn as soon as the first tranche with Awn was settled, the balance of the offer being withdrawn on settlement of the second tranche.
NZM chairwoman Kate Morrison welcomed Awn to the NZM share register, saying the company had been an important strategic partner for some years and a key component in NZM’s strategy to gain a greater presence in the Australian market.
"We see this move by Awn as a strong endorsement of the NZMC business and our ZQRX initiative in particular," she said.
ZQRX is the company’s regenerative wool platform.
