Wilmar International will pay $120 million for the Proserpine sugar mill in Queensland, which went into administration 10 days ago.

Administrator Korda Mentha agreed to sell the Proserpine Co-operative Sugar Milling Association to Wilmar, which bought CSR’s Sucrogen business in 2010, although the China Oil and Food Corporation (COFCO) had offered to pay $122 million last week.

Sucrogen and COFCO, which bought Tully Sugar earllier this year, have been in a bidding war for Proserpine but both bids were rejected by shareholders.

In a statement today, Sucrogen chief Ian Glasson said the latest agreement comprised a headline price of $120 million, plus a working capital adjustment, normal settlement adjustments, as well as provisions whereby Sucrogen will absorb all of the mill’s normal operating costs and certain critical capital expenditure incurred from October 31 until completion of the transaction.

Sucrogen will also provide interim finance, via a second commercial loan facility of $15 million, to support the operation of Proserpine and fund operating costs until the sale can be completed.

The sale will be put to creditors on or before December 12, Mr Glasson said, and if approved would complete before the end of the year.

Earlier today, Thai company Mitr Phol announced it had completed due diligence on the friendly $313 million acquisition of listed MFS Sugar, owner of the Maryborough Sugar Mill, as announced last week.

The proposed sale, at $4.45 a share, is recommended by the board but will require shareholder approval and will be subject of an independent experts report.

A spokesperson for Mitr Phol said the company had developed a very good understanding of this business and the whole Australian sugar industry since becoming a cornerstone investor.

“We are delighted to have completed due diligence quickly so we can proceed with the offer to all shareholders.”

Shayne Heffernan

Shayne Heffernan oversees the management of funds for institutions and high net worth individuals.

Shayne Heffernan holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services. www.livetradingnews.com

Find out more about HCM Managed Funds

For More Information Contact

Linda Johnson,
Business Development Director – Private Client Group,
Heffernan Capital Management
Sales@Heffcap.com

Bangkok

Suite 53 Athenee Tower
63 Wireless Road,
Lumpini, Pathumwan,
Bangkok 10330 THAILAND
Tel: +66 8 0700 7900
Fax: +6682 2079301
Email : info@heffcap.com

New York

347 5th Avenue, Suite 1402-508 NY, NY 10016
Tel: +1 212-252-2129
Fax: +1 212-898-1209
Email : info@heffcap.com

Singapore

3 Raffles Place #07-01
Bharat Building Singapore 048617
Tel: +65 6329 6408
Fax: +65 6329 9699
Email : info@heffcap.com

Get the Updates Daily

Enter your email address:
Delivered by FeedBurner

Brokerage, Investment Management, Investment Banking, Emerging Markets Specialists

Managed Trading Account with Integrity and Stability

Eliminate concerns about Stock Market Downturn, Real Estate Downturn, Bernie Madoff’s, Current Events and Diversify at the Same Time;

THE BEST OVERALL MANAGED ACCOUNT SOLUTION, FIND OUT WHY, CONTACT US TODAY

Now is the time to get professional portfolio management services with HCM. Reap the benefits of proper international diversification and positioning in the global market place, with a high degree of customer service.

Our Managed Account Program accommodates those investors who wish to allocate a portion of their risk capital to managed hedge funds.

Find out why we are at the top, select the right investment for inclusion in your portfolio, to receive information and/or get started Click Here

Lower the Exposure of Your Portfolio to the Risks of the Global Marketplace.

Did you know? Major banks around the globe are weighing heavier on relatively shorter term trading speculation than the traditional lending-borrowing business.

Profits can be made on a falling market (by selling short) just as easily as buying a rising market, in addition, derivatives and CFD trading allows profits to be compounded monthly. Let us put the world’s most liquid, but least understood market, in your financial arsenal.

Global Portfolio and World Events

Do you have your portfolio directly linked to the economy?

• Equities
• Interest Rates
• Real-Estate

Which investment benefits are You lacking?

• Recession Proof
• Inflation
• Full Transparency and Audit Trail

Select the right investment for inclusion in your portfolio,to receive information and or get started Click Here

Managed Trading Account

You have a choice. There is No need to own “Companies” .There is No need to own illiquid Company stock, funds or Real Estate”. Do you have your portfolio directly linked to the economy? Or Worse just the Stock Market or Real Estate? Get a Liquid, Transparent/Separately Managed Liquid,Alternative Investment Account in Your Name , where money management, along with capital preservation and liquidity are most important.

Features:

• Professionally supervised by traders
• Risk/Money management (very important to us)
• Trades only occur with the most liquid spot markets
• High degree of liquidity
• Excellent Risk-to-Reward ratio
• Profits possible regardless of direction of the market
• Portfolio diversification: currencies, commodities, stocks, bonds, mutual funds, ADRs

Benefits:

• No one can withdraw funds other than the client
• The clients deposit direct to custodian
• The trader can only trade
• The investor’s funds remain in the client’s OWN NAME.
• The investor’s funds are held by an independent institution .
• Clients have direct access to their account, 24 hours a day

Our Goals For You:

• Capital Preservation
• Income Generation
• Security
• Quality Service
• Planning for the Future

Select the right investments for inclusion in your portfolio, to receive information and or get started Click Here

Your use of any of the Websites or any of the Services (defined below) constitutes your agreement to be bound by and comply with the Website Terms and Conditions and your consent to the collection, use and disclosure of personal information as described in the Privacy Policy. If you do not so agree and consent, you are not authorized to visit or use our Websites or the Services.

Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment. You must also accept that opinions on stock markets change minute to minute, opinions expressed my change at any time without warning. Opinions maybe influenced by ad sales and other financial consideration. This site does not offer any assistance in making financial decisions.

Read the Terms of Service

Posted by Shayne Heffernan on Nov 16th, 2011and filed underAsia, Consumer, Equities, Latest News, Shayne Heffernan, Sugar.You can follow any responses to this entry through theRSS 2.0Responses are currently closed, but you can trackback from your own site.