Boundary Bend Limited completed the acquisition of Redisland brand from Redisland Australia Limited.
November 29, 2012 at 09:30 am IST
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Boundary Bend Limited entered into binding agreement to acquire Redisland brand from Redisland Australia Limited (ASX:RLA) for AUD 4 million on November 20, 2012. The transaction includes Redisland brand, the bottling line and associated assets. The consideration includes AUD 4 million in cash to be paid on settlement and inventory at valuation over the next 120 days. As part of the transaction, Boundary Bend agreed, subject to RLA shareholder approval, to the cancellation of 10.8 million shares in RLA which they currently own, in a selective share buy-back scheme as consideration for the name change of the Redisland Australia Limited. As per the terms of the deal, Boundary Bend Limited is obliged to purchase from RLA all oil produced at the orchard at a fixed price for the first 4 million liters of production. BBL will fund the acquisition through its banking facilities.
RLA is required to change its company name at the time of the share buy-back. RLA will be required to close its bottling line in Braeside. The Directors of Redisland Australia confirmed that shareholder approval for the sale is not required as it is not a sale of the RLA's main asset. There is no material conditions precedent in the asset sale agreement which is outside RLA's control. The completion is set out as being on November 30, 2012.
Boundary Bend Limited completed the acquisition of Redisland brand from Redisland Australia Limited (ASX:RLA) on November 29, 2012.
Cobram Estate Olives Limited is an Australia-based vertically integrated olive farmer and marketer of quality extra virgin olive oil. The Company owns a portfolio of olive oil brands including Cobram Estate and Red Island. Its olive farming assets include over 2.6 million olive trees planted on 7,000 hectares of farmland in central and north-west Victoria and 407,000 trees planted on 707 hectares of long-term leased and freehold properties in California, United States. The Company also owns an olive tree nursery, three olive mills, two olive oil bottling and storage facilities, and the Modern Olives laboratory. Its brand includes Cobram Estate Australia, Cobram Estate USA, Red Island, Wellgrove and Modern Olives. Its segments include Australia, which is engaged in the production and marketing of olive oil; the United States of America (USA), which is focused on the production and marketing of olive oil, and Boundary Bend Wellness, engaged in developing value-added products.
COBRAM ESTATE OLIVES LIMITED 
