AAC 0.00% $1.18 australian agricultural company limited.

fund raising for stanbroke via abn & ubs

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    6. Australian Agricultural Company (AAC) owned by Peter Holmes à Court's is stepping up to the race for AMP Life's Stanbroke pastoral empire. AACo, which is being advised by Caliburn Partnership, is understood to have selected ABN Amro and UBS to help gain control of Stanbroke's 27 cattle stations in Qld and the NT, totalling 11.7 million hectares that carries a herd of more than 500,000 head of cattle. AMP Life is auctioning off the cattle group through Rabobank, which will be reported on September 1. The two main competitors for the ranch are Washington H Soul Pattinson (SOL) and the Alice Springs Pastoral Co of Greek shipping tycoon Gregory Hadjieleftheriadis. AACo needs to raise a purchase price of more than $400 million, the odds are in favour of a $250 million rights issue, with 39% of AACo shareholders tipped to take up its entitlements. (AFR)
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