AceBusinessDesk – One of Western Australia’s oldest cattle stations is set to shift from Hong Kong to Canadian ownership in a newly struck rescue deal.

Creditors of Yeeda Pastoral Company, which controls Yeeda Station, Mount Jowlaenga Station and the Kimberley Meat Company, voted to accept a deed of company arrangement proposal from the Canadian government-owned Alberta Investment Management Corporation (AIMCo). The proposal comes after Yeeda Pastoral Company called in administrators KordaMentha in March amid a now-finalised environmental investigation and the pursuit of its parent company, Asia Debt Management, over more than $100 million in unpaid debts.

KordaMentha declined to comment at this stage of proceedings.

AIMCo proposed the deal through its Australian subsidiary TLPH Australian Holdings, which was created last year to acquire the 2.9m hectare Kimberley pastoral portfolio made up of Yougawalla Pastoral Co and Argyle Cattle Co.

In a letter delivered to Yeeda Pastoral Company creditors, AIMCo’s Jonathan Braams said the company intended to recommission the Kimberley Meat Company – the only abattoir in northern WA – under new management.

“Strong animal welfare, environmental, social and governance standards” will be put in place, the letter reads.

“AIMCo has a strong track record of investing successfully in the Australian and New Zealand primary production and rural land sector,” it said.

The ABC understands that if a deal is successful, AIMCo’s Australian manager, New Agriculture, is proposed to manage the pastoral operations of Yeeda Pastoral Company.

Unsecured creditors of Yeeda Pastoral Company and the Kimberley Meat Company stand to receive zero cents to the dollar from this deal, while first-ranking secure creditors will see a return of up to 100 cents to the dollar.

ABC Kimberley Local News Report:

The AIMCo acquisition will be subject to final approval by the AIMCo Investment Committee, the Foreign Investment Review Board, the Pastoral Lands Board and the ACCC.

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