CAPILANO’s PROPOSED ACQUISITION OF WESCOBEE ASSETS
17 February 2013

The Directors of Wescobee Limited wish to update the market subsequent to the announcement of 22 November 2012, regarding Capilano's offer to Wescobee Limited - Western Australia's premier honey packer.

In November 2012, Capilano made a conditional offer to acquire certain assets of Wescobee Limited in order to facilitate the amalgamation of the latter’s honey packing and distribution operations, with those similar current operations of Capilano.
The Directors of Wescobee advise that:

  • due diligence investigations by Capilano on the relevant assets and business operations of Wescobee Limited have been satisfactorily completed;
  •  negotiations of acceptable terms of the lease by Capilano of Wescobee's factory premises that is owned by Wescobee Limited have been agreed; and
  • a Sale Agreement has been signed by both parties in relation to the proposed amalgamation of operations.

Completion of the above stated acquisition remains conditional upon receipt of approval of Wescobee Limited shareholders, with a General Meeting of Wescobee Limited recently adjourned, now planned to occur on 22 March 2013.
It remains Wescobee's expectation that if the proposed operational amalgamation with Capilano Honey Limited occurs, the synergistic savings and benefits driven by increased scale will complement Capilano and ensure the future for the Wescobee Brand and honey into the future.

For more information contact:

Mr David Mc Intyre - Chairman

Phone: 0419 987 297

Email - davidmc@iinet.net.au