Emanuel Exports turn to avocados by becoming a major shareholder in Alterra Limited

A WA family that pioneered the State’s live sheep and cattle export industries is moving into avocado farming. Emanuel Exports, owned by the Daws family, now own a 15 per cent stake in Alterra Limited, after participating in a $1.72 million placement. Alterra, an asset manager that develops and manages land and water assets in Australia, is embarking on the 300ha Carpenters Project avocado farm at Pemberton. The company this morning completed its placement of 34,444,321 new fully paid ordinary shares at an issue price of 5¢ per share, after announcing a trading halt last Friday. Alterra’s existing major shareholder, activist fund manager Sandon Capital, also bought shares, maintaining its 19.2 per cent shareholding. Emanuel managing director Nicholas Daws said his company saw the investment as a logical fit with the company's existing business interests. Emanuel invested $1.39 million in the placement. Under the terms of the placement, Emanuel will be invited to undertake due diligence on its Carpenters Project alongside other potential development capital investors. Mr Daws said Emanuel could support Alterra’s export-focused model with its extensive network into the international market. “My family has been committed to rural WA for over 50 years, which started with my grandfather in the 1950s,” Mr Daws, son of Graeme Daws, said. “I welcome the opportunity to expand our business operations and continue to invest in and support the WA agricultural sector. “We see this investment as a good logical fit with our existing business interests, and a vote of confidence in WA agriculture, which we see has a vibrant and exciting future.” Alterra chief executive Oliver Barnes said Alterra was pleased to welcome the addition of a sophisticated investor in the Australian agribusiness sector to its share registry. “This investment is a significant endorsement of Alterra’s business model and confidence in our project pipeline. We are also pleased to see Sandon Capital continuing its support of the company,” he said. Alterra said the additional capital would be used to support the expansion of the company’s South West project pipeline and provide working capital to complete feasibility studies and advance phase one plantings at the Carpenters Project. Emanuel Exports was stripped of its export licence by the Federal Department of Agriculture over the 2017 Awassi Express incident in which sheep were filmed dying in extreme heat stress. That decision is being appealed via the Administrative Appeals Tribunal and will be heard in November.