BML advises shareholders that its share Offer in respect of Perth Markets Group Limited (PMGL) closed on 31 January 2023. With the limited number of sellers and competition from three other industry-based buyers of shares, BML’s Offer attracted limited PMGL shareholder support. BML is nevertheless proud of the liquidity that its Offer created and BML looks forward to continuing to work with those PMGL shareholders who elected to retain their shareholding in PMGL.
Following close of the Offer, BML now holds 44.33% of PMGL’s issued share capital.
BML notes the very significant increase in the assessed market value of PMGL’s assets and the substantial increase in the market price for shares which occurred following BML’s expressed intention to increase its shareholding in PMGL and the Offer. These increases are seen as being positive for PMGL and all of its shareholders, including BML (which remains the largest PMGL shareholder).
BML was a cornerstone investor in the acquisition of the Perth Markets in 2016 as a specialised fresh produce Market owner, manager and developer, and as PMGL’s largest investor, will maintain its focus on:
- The effective and efficient operation of PMGL and certainty for stakeholders in relation to the future operation of the Perth Markets.
- The ongoing growth and development of the Perth Markets site in meeting the needs of stakeholders and the fresh produce industry.
- Fairer levels of Board representation for major shareholders. Currently PMGL’s three major shareholders (BML, United Crate and South Australian Produce Market Limited) hold 78% of PMGL’s issued share capital but are represented by only three of the seven Directors on the PMGL Board. BML intends initially to seek one further Board position which it considers will reflect fairer representation of its interests having regard to its 44.33% ownership in PMGL.
- Ensuring that a competitive return on investment is provided to PMGL’s shareholders.
BML intends to continue advocating in respect of these matters.
If you have any questions about BML’s ongoing areas of focus, please call Joady at our help desk on 0409 014 388 or email Joady at email@example.com.
For more information regarding this notice, please contact BML on (07) 3915 4200.