Australia's AWN Rural Pty will end up with just over 10% of the company’s shareholding once the agreement is completely settled.
A statement to the Unlisted Securities Exchange (USE) last December showed the purchase by AWN would be done in three tranches.
The first lot of 225,000 shares were to be settled on December 16, 156,676 to be settled on March 15 and 156,676 to be settled on April 14. The agreement for the shares held by Mr Brakenridge in his own name and jointly with his wife, Sarah, valued them at $9.50 per share.
That would see the total transaction settled at more than $5.1 million.
AWN is a privately owned business which offers wool, livestock and rural property services across rural Australia.
NZM announced in October that Mr Brakenridge would step down this year after 27 years as chief executive.
Initially, a letter to shareholders said NZM proposed to acquire 302,707 shares held by the couple at a purchase price of $8.47 per share.
However, AWN stepped in to replace the NZM offer which will be officially withdrawn when the second tranche is settled later this month.
In the USE statement, NZM chairwoman Kate Morrison welcomed AWN to the NZM share register.
She said AWN had been an important strategic partner of NZM and a key component in its strategy for a greater presence in the Australian market.
‘‘We see this move by AWN as a strong endorsement of the NZM business and our ZQRX initiative in particular.”
ZQRX is the company’s regenerative wool platform.
TIM.CRONSHAW @alliedpress.co.nz
