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- Angel Seafood (AS1) enters a scheme implementation agreement with Valley Seas BidCo, a subsidiary of Laguna Bay Agricultural No 1
- Based in Brisbane, Laguna Bay is an Australian-owned specialist food and agricultural investment firm
- Under the agreement, BidCo will purchase all the shares in Angel, except 16.17 million held by CEO Isaac Halman and his entities, for 20 cents per Angel share
- The agreement is subject to approval from the Australian Foreign Investment Review Board (FIRB), court approval and approval from Angel shareholders
- Angel is up 11.8 per cent on the market with shares trading at 19 cents
Angel Seafood (AS1) has entered a scheme implementation agreement with Valley Seas BidCo, a subsidiary of Laguna Bay Agricultural No 1.
Based in Brisbane, Laguna Bay is an Australian-owned specialist food and agricultural investment firm.
It was founded in 2010 and has invested in some of Australia’s largest producers of dairy, wine, almonds and olive oil.
Under the agreement, BidCo will purchase all the shares in Angel, except 16,178,927 held by CEO Isaac Halman and his entities, for 20 cents per Angel share.
This price is a 60 per cent premium to Angel’s closing price of 12.5 cents on December 17.
The agreement is subject to approval from the Australian Foreign Investment Review Board (FIRB), court approval and approval from Angel shareholders.
“The scheme is an attractive, all-cash transaction. The Angel Seafood board has unanimously concluded that the scheme represents a compelling outcome for our shareholders, customers, suppliers and staff,” Angel Chairman Tim Goldsmith said.
The Independent Board Committee considers the scheme to be in the best interests of shareholders.
Angel was up 11.8 per cent on the market, with shares trading at 19 cents at 2:52 pm AEDT.
