Agribusiness buzz in brief

Mr Greentree's Prime Grain paid $7.6 million for Voyager Farm, north of Kunanurra, bought from Perth sandalwood investment group, Quintis.

Quintis is facing a global slump in Indian sandalwood and oil demand and looks likely to lose money on timber planted in 2008, now due for harvest.

Mr Greentree is reportedly expected to spend a further $1.5m to remediate the land for annual crop production after harvesting the timber.

He is one of the Ord farmers and Indigenous landholder investors partnering with Namoi Cotton to build a cotton gin at Kununurra, due to start operations in two years.

Egg industry giant, Pace Farms, based in western Sydney, has sold to the previously speculated front-runner in a lengthy sale process, Roc Partners.

Roc Partners, already a keen agribusiness investor in poultry meat production, Wagyu beef, honey and glasshouse tomatoes, has reportedly deployed its Premium Food Fund to take over Australia's second largest egg business, in partnership with other co-investors.

The 50-plus year-old Pace enterprise has about 3 million hens and 137 layer sheds on 32 sites spread from Tamworth in North West NSW to southern Victoria, supplying almost a third of the national market with about 17m eggs a week.

Frank and Dianna Pace began testing buyer interest a year ago seeking about $300 million for a sale, which has reportedly settled for more than that asking price.

United Malt Group's planned $1.5 billion acquisition by a subsidiary of giant French farming co-op, Invivo, is expected to see shareholders receiving details of the Malteries Souflett scheme of arrangement offer from September 12.

The Australian-based global maltster has scheduled October 16 for a scheme meeting to approve the sale, which is supported by the board of directors.

If all goes to plan United Malt shares will cease trading on the Australian Securities Exchange on October 17 and all UMG shares will transfer to Malteries Soufflet on November 15.

Although competition regulators in Australia, Canada, Britain and the US have approved the sale, antitrust approvals are still to be obtained from regulators in Germany, Austria, France and Ukraine, and Australia's Foreign Investment Review Board is also still to signal it is satisfied with the deal.

Regional airline group Regional Express Holdings (Rex) has bounced back from a $46 million loss to end the 2022-23 financial year with a $14.4m statutory after tax profit.

However, the figures don't actually reflect Rex's operating result, which still recorded a pre-tax operating loss of $31.7m.

Rex was able to report a statutory profit due to a $44.5m lift in fair value of its assets after taking a 50 per cent stake in National Jet Express in September last year.

Chairman, Lim Kim Hai, said the legacy effects of COVID continued to smash the aviation industry last financial year, notably through pilot shortages and disruption to the supply chain for parts and other industry needs.

Wagga Wagga-based Rex tipped a brighter outlook for 2023-24 as National Jet catered for more charter demand from resource companies in Queensland, South Australia and Western Australia and its capital city passenger services would gain their eighth and ninth 737-800 Boeing aircraft within weeks.

US climate technology company, CH4 Global, has raised $45 million ($US29m) in a Series B funding round to build and validate its planned CH4 Global EcoPark aquaculture and production facilities to make its Methane Tamer at scale.

Methane Tamer, which uses the red seaweed, asparagopsis, reduces cattle methane emissions by up to 90 per cent while also reducing the stockfeed energy lost to methane emissions.

The first full-scale EcoPark will be built in Louth Bay on the Eyre Peninsula, in South Australia, with similar projects planned in New Zealand.

"We are receiving massive interest from governments, food producers and farmers of all sizes, said co-founder and chief executive officer, CH4 Global, Steve Meller, in Nevada.

"What we've developed is what we call a CH4 Global EcoPark, which enables low-cost growth and processing of asparagopsis.

"We are formulating our unique feed supplement products to meet the specific needs of each cattle market segment, starting with feedlot operations, beef and dairy, plus eventually for remote and generally unattended cattle."

The recently appointed chief executive officer at faction-torn infant formula producer, Bubs Australia, Reg Weine, has stepped down from his chairman's role at pantry and hamper products business, Maggie Beer Holdings.

After three years in the chair, Mr Weine has been replaced by fellow director, Sue Thomas, although he remains on the board.

Maggie Beer Holdings has just recovered from a $12.5 million loss in 2021-22 to post a $462,000 profit, although full year revenue slipped 1.4pc to 88.7m.

Sales of Maggie Beer products such as quince paste, chutney and vinegar grew two per cent and Paris Creek Farms dair product sales were up 10,5pc primarily because of increased milk availability, but the hampers and gifts business shrank 7.5pc.

Chief executive officer, Kinda Grange, said results reflected the continued impact of rising interest rates and inflation on consumer spending and higher freight and labour costs.

The company would invest further in marketing, analytics and e-commerce capabilities to respond to shifting consumer shopping habits.