Print this page

Australia's Longreach Oil inks deal to buy fledgling NZ dairy company to resume ASX trading

  • font size decrease font size decrease font size increase font size increase font size

Apr 11 - Australia's Longreach Oil has agreed to a buy a New Zealand company which plans to develop a dairy factory in Otorohanga, as it seeks to bolster its investment portfolio and resume trading on the ASX.

Longreach was suspended from the ASX in May last year after the stock exchange operator deemed it had insufficient operations to warrant quotation.

The firm, which owns a share of some Australian oil and gas exploration leases and a stake in a US telecommunications company, said in a statement to the ASX yesterday that it has agreed to buy Happy Valley Milk Ltd., a New Zealand company that has land use consents from the Otorohanga District Council to establish and operate a fully integrated milk processing, blending and packaging plant on a site near Hamilton.

The transaction is conditional on obtaining Waikato Regional Council water use and water discharge consents, which it said were well advanced.

Continue here to the full article  |  ||  April 11, 2018   |||