The Board of Directors at Gardiner Dam Terminal have announced plans to sell the company to Viterra.
Viterra currently owns 50% interest in the grain handling facility operations.
The sale includes the terminal assets; as well as the Crop Production operation known as GDT AgServices.
Viterra has said it would sell GDT AgServices assets to Riverbend Co-operative Ltd. under a separate agreement.
The overall purchase and sale transactions for GDT and GDT AgService is still subject to shareholder approval.
A special shareholder meeting will be held on December 13th
In a press release, the organization says that ultimately, management of GDT is proposing that GDT and GDT AgServices be wound-up and dissolved.
Management estimates that after all liabilities are paid and winding up all operations shareholders could see anywhere from $1,175 to $1,275 per share.
The final amount returned to Shareholders will be dependent on a number of factors and risks and will be disclosed in the management information circular to be mailed to Shareholders.
The Chairman of the Board Ron Bartel says the Board has been working diligently over the past year to allow shareholders a way to capture the value created by 18 years of success and prosperity.
"The Board is pleased that Viterra is offering this new opportunity for not only our shareholders and present employees but area farmers as well. The Board feels Viterra and Riverbend Co-operative Ltd. will be a highly competitive and progressive presence for our farmers, employees and the community and will ensure the long-term future of grain handling and crop inputs services in the area.”
Source : Discoverestevan