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Scales Corporation Confirms Turners & Growers Stake
21/02/2012

 

PRESS RELEASE
February 17, 2012

Scales Corporation Confirms Turners & Growers Stake

Scales has advised that it has completed the purchase of the 4.03% stake in Turners & Growers Limited (T&G) that it has held an option over since 22 December 2011. It has also purchased an additional 377,706 shares to lift the overall stake held in T&G to 10.3% (pre management options).

T&G is currently the subject of a takeover offer by German agricultural trading company BayWa Aktiengesellschaft (“BayWa”) which closes on March 7 2012.

Scales has reconfirmed its previously advised position that it:

- Supports BayWa’s proposed purchase of the controlling stake in T&G.

- Is supportive of T&G remaining listed on the New Zealand Stock Exchange with strong minority shareholder representation.

- Wants to work with T&G and Enza to identify efficiencies to improve returns to growers.

- Wants to explore opportunities for consolidation in the NZ apple industry.

Scales owns Mr Apple, New Zealand’s largest integrated grower, packer and exporter of apples, which is also one of Enza’s largest customers.

Andy Borland
Managing Director
Scales Corporation Limited
021 975 999