February 13, 2017 / 12:35 PM / 6 months ago

BRIEF-Black Earth Farming says plans to sell operations, liquidate company

Feb 13 (Reuters) - Black Earth Farming Ltd

* Says has entered into agreement to sell its Russian operations and announces intention to propose distribution of proceeds to shareholders and initiate a voluntary liquidation of company

* Says total estimated purchase price is approximately $184 million in cash

* Owner Kinnevik, with a stake of 24.6 percent in Black Earth Farming, says has entered into an undertaking to support the divestment

* Following deduction of the wrap-up Costs and additional equity contributions from warrant holders, the Board of Directors anticipates that approximately between USD 185,000,000 – 193,000,000 will be available for distribution to the shareholders

* Says at an exchange rate of Rur 60.5 per USD and SEK 8.9 per USD, this corresponds to approximately between SEK 7.2 – 7.5 per Swedish Depository Receipt ("SDR") after dilution by up to a further 18,330,000 SDR's resulting from exercise of the Company's outstanding warrants and long term incentive programs.

* Says this corresponds to a premium of between 96.5 – 104.7 per cent compared to the volume weighted average trading price for the three months preceding BEF's announcement that it was in talks with potential acquires on 9th August 2016 Source text for Eikon: Further company coverage: (Stockholm Newsroom)

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