Jan. 24, 2019
Union Acquisition Corp.’s Sponsor and/or affiliates announce intent to make open market purchases of Union’s securities.
Bioceres, a leading Latin American agricultural biotech company (the “Company”), and Union Acquisition Corp. (NYSE: LTN) (“UAC”), a special purpose acquisition company, today announced the Company’s unaudited operating results for the quarter ended December 31, 2018. The parties had previously announced the execution of a definitive share exchange agreement (the “Exchange Agreement”) pursuant to which the Company will contribute its agricultural solutions business in exchange for equity of UAC.
The Company reported unaudited revenues of $62.6 million during the quarter ended December 31, 2018, which represents a 33% growth rate over the same period a year ago. The adjustments and the translation mechanism from the application of IAS 29 had a positive impact of $8.7 million during the quarter ended December 31, 2018. Additionally, the Company’s management team expects Gross Profit and EBITDA margin performance to exceed that of the same period a year ago.
Members of UAC’s sponsor and, or entities affiliated with members of the sponsor, today announced their intent to make purchases of up to $3 million of UAC’s ordinary shares, rights and/or warrants in the open market in their discretion. The actual number of shares, rights and/or warrants which will be purchased, and the timing of such purchases, will be determined by the members of UAC’s sponsor, or entities affiliated with members of the sponsor, and the price which the Company will pay for the securities will be the market price at the time of the purchases. It is anticipated that any such purchases will be made in accordance with the applicable provisions of Securities and Exchange Commission (“SEC”) Rule 10b-18, to the extent applicable.
Bioceres is a fully integrated provider of crop productivity solutions, including seeds, seed traits, seed treatments, biologicals, high-value adjuvants and fertilizers. Unlike most industry participants that specialize in a single technology, chemistry, product, condition or stage of plant development, Bioceres has developed a multi-discipline and multi-product platform capable of providing solutions throughout the entire crop cycle, from pre-planting to transportation and storage. Bioceres’ platform is designed to cost effectively bring high value technologies to market through an open architecture approach. Bioceres’ headquarters and primary operations are based in Argentina, which is its key end-market as well as one of the largest markets globally for GM crops. Through its main operational subsidiary, Rizobacter, the Company has a growing and significant international presence, particularly in Brazil and Paraguay. Bioceres leverages its relationship with its historical shareholders, many of whom are agricultural leaders and key participants in Bioceres’ end markets, to increase adoption of its products and technologies.
Bioceres Investment Highlights:
- Leading position in large and growing agricultural markets with favorable industry dynamics, with a focus on biological assets aimed at crop protection, nutrition and seeds.
- Global leader in drought-tolerance technologies, through the HB4 family of products – the only technology of its type available today for soybean production.
- Through the Rizobacter brand, Bioceres is a world leader in production and sale of soybean biologicals, with over 20% global market share in inoculants.
- Extensive distribution & commercial platform with over 700 distributors globally and sales in 25 different countries.
- Proven track-record of delivering strong financial results.