Capilano Honey gains a new suitor

Posted by AFN Staff Writers on 15th March 2012

Publicly-listed Mariner Corporation Limited has announced that it is seeking to increase its investment stake in one of Australia’s largest honey companies, Capilano Honey Limited.

Mariner is seeking an increase from the 12.7 per cent interest it currently holds, to up to 20 per cent of the issued capital of the company.

Queensland-based Capilano Honey Limited is currently listed on the Bendigo Stock Exchange and is due to move onto the Australian Securities Exchange on 30 June 2012.

Mariner is a investment company that has specialised in Australian and international real estate, mortgages and infrastructure. However, in November 2010, publicly-listed Stanfield Funds Management, based in Melbourne, became the company’s largest shareholder with a 42 per cent stake. In the past year, Mariner has acquired strategic shareholdings in several food companies, including some Tasmanian businesses.

Mariner has written to all the shareholders in Capilano Honey Limited, indicating its willingness to pay up to AU$1.50 per share.

An additional 7.3 per cent of Capilano Honey at AU$1.50 per share would constitute a further investment of approximately AU$925,000.