Silk Logistics has announced Harvest Lane Asset Management Pty Ltd has become a substantial shareholder in the company, following the acquisition of almost two million ordinary shares.
The 1,919,568 shares bought by Harvest Lane Asset Management equates to 6.08 per cent voting power in the company.
The announcement of Harvest Lane Asset Management’s ascension to substantial shareholder in the company came after news in early November that Silk Logistics was to be acquired by DP World Australia.
The company acquisition is expected to go through in early 2025 pending standard regulatory approvals, with Silk’s Board of Directors unanimously voting in favour of the arrangement due to the belief it was of the best interests of the company’s shareholders.
“The proposed transaction recognises the significant investment Silk has made into its national integrated port to door service offering, extensive capabilities and the strong relationships we have built with our dedicated customer base,” Silk CEO and Managing Director John Sood said at the time.
Silk Logistics currently operates 21 logistics hubs and 25 warehousing sites across five Australian states.
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