Mastronardi invests $9.6 million in Village Farms
Mastronardi invests $9.6 million in Village Farms
Mastronardi Holdings Ltd. has entered into three agreements, under which it will acquire ownership and control of slightly less than 20 percent of all the issued and outstanding common shares of Village Farms International Inc.
Mastronardi will acquire the common shares for an aggregate purchase price of $9.625 million plus an aggregate amount of $462,000 in respect of a break fee payable by the sellers, which amounts equate to $1.25 and $0.06 per share, respectively.
Prior to this deal Mastronardi had beneficial ownership and control over 33,000 common shares of Village Farms, representing approximately 0.09 percent of the issued and outstanding common shares. Following the acquisition, Mastronardi will have beneficial ownership and control over 7.733 million common shares of Village Farms, representing approximately 19.98 percent of all the issued and outstanding common shares.
Mastronardi said it will acquire the common shares for investment purposes. The company said that, depending on market conditions and other factors, it may from time to time acquire and/or dispose of securities of Village Farms or continue to hold its current position.
