AGROGENERATION (EPA:ALAGR) Konkur announces the completion of a conditional agreement for the sale of all its shares held in AgroGeneration
Transparency directive : regulatory news
On July 25, 2023, it was announced that Konkur Investments Limited (« Konkur »), had entered into a conditional agreement to sell all of its AgroGeneration shares (126,084,106 shares, representing 56.90% of its share capital and voting rights) (Euronext: ALAGR) to a local Ukrainian company, NOVAAGRO. NOVAAGRO is a Ukrainian agro-industrial group of companies that operates in several areas: production and export of sunflower oil and wheat flour, poultry farming, transport and storage of grains and oilseeds.
The completion of the transaction, as announced at that time, was subject to two main conditions precedent: (i) approval of the acquisition by the Ukrainian competition authority (Anti-Monopoly Committee); and (ii) the buyer obtaining adequate sources of financing for the acquisition.
As of today's date, the buyer has fulfilled both of the above conditions. First, in December 2023, the Ukrainian company NOVAAGRO UKRAINE LLC, part of the NOVAAGRO group, obtained approval from the Ukrainian Antimonopoly Committee to acquire shares in AgroGeneration JSC, to secure control of more than 50% of the voting rights in the company.
Second, all financial obligations under the agreement have been fully met by the buyer. All payments to the seller, Konkur, were made by NOVAAGRO UKRAINE LLC in 2021 and early 2022 (prior to Russian invasion of Ukraine in February 2022), originally as a prepayment to secure the rights for further negotiations.
However, since the start of the war, Ukrainian companies have faced significant restrictions on currency operations and payments (particularly in transferring funds abroad). All the other obligations that were provided for by the agreement to pay off the debt held by Konkur on AgroGeneration, Konkur agreed to accept in Ukrainian hryvnias through its units within Ukraine. According additional agreement to transfer the dept to Ukraine was signed on the September 30th, 2024.
A propos d'AGROGENERATION
Founded in 2007, AgroGeneration is a large-scale producer of grain and oilseed. The company's core business is grains and oil commodity crop farming, operating near 30,000 hectares of agricultural lands in the East of Ukraine.
All information on AgroGeneration's website : www.AgroGeneration.com
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Full and original press release in PDF: https://www.actusnews.com/news/88356-cp_agg_konkur-oct-2024-gb.pdf
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