KINGSVILLE, ON - In a filing released by Kingsville, ON-based Mastronardi Holdings Limited, the company has announced that it will be acquiring approximately 19.89% of Village Farms International issued and outstanding common shares.
According to the release, Mastronardi will acquire the common shares for an aggregate purchase price of $9,625,000, 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 the acquisition, Mastronardi has beneficial ownership and control over 33,000 common shares of Village Farms, representing approximately 0.09% of the issued and outstanding common shares. Now, Mastronardi will have beneficial ownership and control over 7,733,000 common shares of Village Farms, which, as noted above, represents approximately 19.98% of shares.
The company says it the acquisition was initiated for “investment purposes,” and depending on market conditions and other factors, Mastronardi may from time to time acquire and/or dispose of securities of Village Farms or continue to hold its current position.