Australian Food & Fibre Ltd. completed the acquisition of Bengerang Limited from Webster Limited.

Australian Food & Fibre Ltd. entered into a share purchase agreement to acquire Bengerang Limited from Webster Limited (ASX:WBA) for approximately AUD 130 million on August 17, 2018. The consideration is subject to working capital adjustment. In a related transaction, PSP Investments will acquire 69 million Webster Limited’s shares from Australian Food & Fibre Ltd/ Robinson family holding company. Bengerang reported total assets of AUD 129.56 million and net assets of AUD 120.57 million as at July 31, 2018. Ross Burling will join the Webster board on completion of the transaction and Joe Robinson will resign as a Director of Webster. The completion of transaction is subject to approval by Webster Limited's shareholders in a shareholders general meeting to be held in October, 2018, completion of related transaction and the approval of the Foreign Investment Review Board. As of September 28, 2018, the Directors of Webster Limited unanimously recommend the shareholders to vote in favor of the transaction. On October 31, 2018, the shareholders of Webster Limited approved the transaction. The transaction is expected to be completed on or about November 5, 2018. Webster Limited will use the proceeds from this transaction to further strengthen its existing operations and provide additional funding capacity to invest in growth and development activities in its core operations. Andrew Jones of PKF Corporate Finance (NSW) Pty Limited acted as independent expert for Webster Limited. Australian Food & Fibre Ltd. completed the acquisition of Bengerang Limited from Webster Limited (ASX:WBA) on November 7, 2018. The final component of the purchase consideration, being a working capital adjustment, is expected to be settled in December 2018. The proceeds of the sale were applied to reduce secured debt