Hamilton may bid for Elders sandalwood

INVESTMENT firm Hamilton Securities may seek to acquire the sandalwood assets of agribusiness Elders if another proposal falls over.

Elders agreed in December 2012 to sell its Indian sandalwood assets in Western Australia's Ord River region to entities associated with Santanol Pty Ltd.

The agreement is subject to the approval of growers who are members of the sandalwood investment schemes that are managed by Elders.

The growers will vote on the Santanol proposal on March 14.

"Hamilton confirms that it is developing, in consultation with growers, a competing proposal to the offer by Santanol and its unidentified foreign investors," Hamilton said in a statement on Wednesday.

"It is important to note that Hamilton will not proceed with its proposal if growers approve the Santanol offer in sufficient numbers such that certain pre-conditions to the Santanol offer are met."

Hamilton said its proposal would result in a reorganisation of the sandalwood schemes and the consolidation of growers' sandalwood interests.

Also, growers would be issued voting shares in Hamilton Securities.

Hamilton said this would allow growers to maintain an exposure to sandalwood and benefit from seeing the plantations through to harvest.

Under Hamilton's proposal, Hamilton would seek to transfer its listing from the National Stock Exchange to the Australian Securities Exchange.

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