CALGARY,
AB, July 3, 2024 /CNW/ - United Farmers of
Alberta Co-operative Limited ("UFA") and CANTERRA SEEDS
Holdings Ltd. ("CANTERRA SEEDS") announced today that UFA
has made an investment (the "Transaction") in CANTERRA SEEDS
through the acquisition of 1,286,187 Class A common shares in the
capital of CANTERRA SEEDS (the "Purchased Shares") from
Ceres Global Ag Corp. ("Ceres"), representing 17% of the
issued and outstanding Class A common shares of CANTERRA SEEDS.
In connection with the Transaction, Scott Bolton, President and CEO of UFA, has been
appointed, as a representative of UFA, to the CANTERRA SEEDS board
of directors.
"Today's announcement marks an investment in western Canadian
agriculture," says Bolton. "Over the last several years UFA has
demonstrated strong results and built a balance sheet that will
enable continued investment in western Canadian agriculture that
benefits our member-owners."
The investment in CANTERRA SEEDS will not impact day-to-day
operations or limit the seed varieties available for purchase at
UFA. The co-operative will continue to carry a full line of seed
varieties and crop input products as UFA recognizes that it is
essential to continue to provide members and customers with choices
in the products and services that are right for their
operations.
"Our board of directors understands the unique challenges faced
by farmers and ranchers, and this announcement demonstrates our
commitment to the long-term vitality of member-owners," says
Kevin Hoppins, Board Chair, UFA.
About CANTERRA SEEDS
CANTERRA SEEDS, headquartered in Winnipeg, Manitoba, is also owned by
Limagrain, 175 seed growers, ag retailers and private investors.
The company offers one of the broadest field seed portfolios in
western Canada including canola,
cereals, pulses and specialty crops. They secure top-quality
hybrids and varieties through plant breeding institutions,
including their cereals breeding joint venture with farmer-owned
Limagrain, Limagrain Cereals Research Canada.
Early Warning Disclosure
Pursuant to a share purchase agreement dated July 2, 2024 between UFA and Ceres, UFA acquired
the Purchased Shares from Ceres for aggregate cash consideration of
CAD$2,500,000.00 or approximately
$1.94 per share. The Transaction did
not occur on a stock exchange or other securities market. The
Purchased Shares represent 17% of the issued and outstanding Class
A common shares in the capital of CANTERRA SEEDS. Prior to
completion of the Transaction, UFA did not hold any securities of
CANTERRA SEEDS.
The Purchased Shares were acquired as part of a strategic
investment in CANTERRA SEEDS. UFA intends to review its holdings in
CANTERRA SEEDS on a continuing basis and, in accordance with
applicable securities law, may sell some or all of the Purchased
Shares, or may purchase additional securities of CANTERRA SEEDS in
the future, either from treasury, in private transactions or
otherwise, in each case, depending on market conditions, the
business and prospects of CANTERRA SEEDS and other relevant
factors. UFA may formulate other purposes, plans or proposals
regarding CANTERRA SEEDS or any of its securities or may change its
intention with respect to any and all matters.
For the purposes of this press release and the early warning
disclosure, the percentages of outstanding Class A common shares of
CANTERRA SEEDS owned and controlled by UFA is based on 7,551,147
issued and outstanding Class A common shares both before and upon
completion of the Transaction.
UFA's head office is located at Suite 700, 4838 Richard Road SW
Calgary Alberta T3E 6L1. CANTERRA SEEDS' head office is located at
201 1475 Chevrier Blvd., Winnipeg
Manitoba R3T 1Y7.
A copy of the early warning report will be filed by UFA under
CANTERRA SEEDS' profile on SEDAR+ at www.sedarplus.ca or may be
obtained by contacting UFA at the contact information provided
below.
About UFA
Founded in 1909, UFA is an Alberta-based agricultural co-operative with
more than 120,000 member-owners. UFA's network is comprised of 114
Petroleum locations, 34 Farm & Ranch Supply stores and a
support office located in Calgary
Alberta. Independent Petroleum Agents and more than 1,100
UFA employees provide products, services and agricultural solutions
to farmers, ranchers, members and commercial customers in
Alberta, British Columbia and Saskatchewan. For more information, please
visit www.UFA.com.
SOURCE United Farmers of Alberta Co-operative Limited