Mastronardi Holdings Limited Acquires 19.89% of Village Farms International

KINGSVILLE, ON - In a filing released by Kingsville, ON-based Mastronardi Holdings Limited, the company has announced that it will be acquiring approximately 19.89% of Village Farms International issued and outstanding common shares.
According to the release, Mastronardi will acquire the common shares for an aggregate purchase price of $9,625,000, plus an aggregate amount of $462,000 in respect of a break fee payable by the sellers, which amounts equate to $1.25 and $0.06 per share, respectively.
Prior to the acquisition, Mastronardi has beneficial ownership and control over 33,000 common shares of Village Farms, representing approximately 0.09% of the issued and outstanding common shares. Now, Mastronardi will have beneficial ownership and control over 7,733,000 common shares of Village Farms, which, as noted above, represents approximately 19.98% of shares.
The company says it the acquisition was initiated for “investment purposes,” and depending on market conditions and other factors, Mastronardi may from time to time acquire and/or dispose of securities of Village Farms or continue to hold its current position.
Before Grandpa Umberto Mastronardi came along, no commercial greenhouses existed in North America. But in the early 1940s…