The independent expert's report on Australian Agriculture Company's purchase of the high-profile Tipperary and Litchfield stations, declaring the transaction fair and reasonable, has put more shareholders who oppose the deal offside.
According to The Australian Financial Review, former manager of Tipperary Station and current AAco shareholder, Don Wild, will vote against the transaction when an extraordinary general meeting took place on April 27.
Mr Wild spent time on Tipperary under then owner Warren Anderson and said the property had many issues such as poor quality, sandy pastures and constant struggles with regrowth clearing and weeds.
"The big problem with Tipperary is that a lot of the country we cleared has regrowth on it and there is now a moratorium on the clearing of that regrowth," he said.
"Blind Freddy can see that there is no way they are going to allow that country to be pulled again - they may as well turn it back to the buffaloes," he said.
BDO Kendalls report puts a final valuation on the property of $112.4 million, well above the $105 million AAco has agreed to pay the property's vendor, Allan Myers.
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