Great Southern has revised its proposed major restructure to project investors, as a result of the recent global market turmoil.
Under the revised offer, project investors will receive Great Southern shares at the volume weighted average price (VWAP) prior to the project investor vote (VWAP Price).
The VWAP Price will be the five-trading day VWAP of Great Southern’s shares, commencing eight trading days prior to the project investor vote.
The number of shares issued will vary based on the VWAP Price, but will be subject to a floor price of $0.50 and a ceiling price of $1.00.
Based on advice received by independent experts KPMG, the Independent Directors of the Responsible Entity for each of the eight affected projects, unanimously recommended this week that investors in each relevant project vote in favour of each scheme proposal.
“We have listened to project investor feedback and firmly believe that the revised offer is highly attractive to project investors,” Great Southern managing director Cameron Rhodes said.
“We believe this revised offer provides significantly more certainty… and the benefits of the restructure will be realised.”
The recent global market turmoil and the associated disruption to capital markets have only reinforced the Great Southern Board’s strong commitment to achieving the anticipated benefits of the restructure, Rhodes said.
If approved, the restructure would see Great Southern build three core business streams of forestry, agriculture investment services and cattle.
