Seeka Limited (NZSE:SEK) entered into an amalgamation agreement to acquire Orangewood Limited for NZD 6.55 million on September 14, 2021. Orangewood shareholders are offered 0.6630 million new Seeka shares and NZD 1.35 million in cash for every Orangewood share. The issue price for each new Seeka share is NZD 5.33 being the volume weighted average price of Seeka shares traded on the NZX Main Board over the 10 business days ended 13 September 2021 (all fractions of Seeka Shares are to be rounded up to the nearest whole number). The amalgamation consideration values Orangewood net assets at $4.71m. Seeka will assume approximately $1.84m of debt as part of the acquisition bringing the total transaction value to NZD 6.55 million.
Seeka Limited (NZSE:SEK) Completed it's acquisition of Orangewood Limited for NZD 6.9 million on November 22, 2021. Seeka will issue 0.64 million new shares and pay NZD 1.30 million to Orangewood shareholders, and assume NZD 2.15 million of Orangewood debt.
Seeka Limited is engaged in growing, processing, and supplying fruits to domestic and international consumers. Its segments include Orchard operations, Post harvest operations, Retail service operations, All other segments-New Zealand, and Australian operations. Orchard operations segment offers on-orchard management services to orchard owners who produce kiwifruit, avocado and kiwi berry crops. The segment also produces kiwifruit, avocado and kiwi berry crops. Post harvest operations segment provides post-harvest services to the kiwifruit, avocado, citrus, berry and kiwi berry industries. This includes all crops from its orchard management and lease operations, plus crops from independent orchard owners. Retail service operations provides fruit marketing services in New Zealand and internationally, particularly in the Australian and Asian markets. Australian operations segment grows, provides post-harvest services, and retails all produce from orchards it owns or leases in Australia.