Following Arrovest’s purchase of 64.2% of So Natural Food shares, as of close of trade yesterday (26 July), and the extension of the investment firm’s market offer, Arrovest has clarified its intentions towards the dairy company.
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Arrovest said that while it intends to shake up the board, with the appointment of its own representative and alteration of responsibilities within the existing board, it hopes to preserve So Natural’s listing on the Australian Stock Exchange and, if the necessary mix of shareholders remains at the end of the bid period, does not intend to use its compulsory purchase option. Arrovest also said that it does not foresee significant changes to management and expansion strategy, but did acknowledge that it plans to conduct a review of the business.
