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Adecoagro SA Announces Filing of Shelf Registration Statement on behalf of Principal Shareholders, Sale of Farm and Board of Directors Approval of Share Repurchase Program

Monday, 23 Sep 2013 07:01pm EDT 

Adecoagro SA announced that it has filed a shelf registration statement on Form F-3 with the U.S. Securities and Exchange Commission (SEC). Under the shelf registration statement, once declared effective by the SEC, certain shareholders may offer and sell from time to time, in one or more offerings, up to 55,821,281 common shares. Adecoagro is not issuing or selling any shares and will not receive any proceeds from the sale of securities sold by the selling shareholders, if any. While the shelf registration statement is effective, the company plans to increase its disclosure as required by law; including its management discussion and analysis section quarterly. On September 13, 2013, Adecoagro entered into a sale agreement, pursuant to which the Company agreed to sell the San Martin farm for a total price of $8.0 million, equivalent to USD2,294 per hectare. San Martin is a 3,502 hectare farm located in the province of Corrientes, Argentina. The farm is used for cattle grazing activities and is a subdivision of the Ita Caabo farm acquired by Adecoagro in 2007. This transaction will generate approximately $6.5 million of operating profit in the third quarter of 2013. Adecoagro also announced that its Board of Directors has authorized a share repurchase program for up to 5% of its outstanding shares. The Company expects the repurchase program to commence on or about September 24, 2013 and will be reviewed by the Board of Directors after a 12-month period. 

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0.57 +6.49%
5 Mar 2015