Timbercorp (ASX:TIM) has sold its olive assets to unlisted olive company Boundary Bend Ltd for $59.5 million.
The sale covers 6,012 hectares of olive groves at Boort and Boundary Bend in Victoria, as well as 26,121 megaliters of water rights on the Murray and Golburn systems, Timbercorp said.
As part of the transaction, Boundary Bend will also buy back Timbercorp’s 19.4% stake in the company.
But a further clause will also allow growers in Timbercorp’s olive managed investment scheme first right to take part n in Boundary Bend’s upcoming equity raising.
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