PrimeAg Australia
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- Indepth analysis of ASX listed shares
- BUY, Hold and Sell Recommendations
- Ideas Lab
- Special Reports
- Alan Kohler’s Weekend Briefing
- Interviews with CEO’s & top influencers
- Money Cafe and Talking Finance
- Super Advice and Q&A with Ask Alan
The wind down of PrimeAg, which was announced by the company last year and attracted our attention in an Ideas Lab (see Ideas Lab: PrimeAg sale process on 05 Oct 12), is now almost complete.
The company announced its remaining assets would be split and sold to Australian Food and Fibre and Cowal Agriculture Trust for $76m or $0.29 per share. A further $0.46 per share will be distributed following the completion of a previously announced sale. In total, shareholders should expect a further $0.86-$0.89 per share to be distributed before the company winds down.
Adding these asset sales to the $0.55 already distributed means that the sales process has released between $1.40-$1.43 of value for shareholders. Those who took the plunge with our Ideas Lab will realise a gain between 7.7%-10.0%, roughly inline with the market.
That’s a reasonable outcome but we had expected better. Primeag’s book value exceeds $1.50 per share and early sales were at a premium to book. As the process continued, however, asset values were slashed and the final sales appear to be transacted at significant discounts to book value.
Primeag should pay final distributions by November 2013. This hasn’t been our most successful Ideas Lab but, with a small profit made, it is not a bad outcome either. With the company to delist our interest has passed and it's time to CEASE COVERAGE.
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