Shareholders in Australian Agricultural Company are keen to see an independent expert's report on the group's plan to pay $105 million for Allan Myers' Tipperary Station, as some investors have doubts about the deal.
According to The Australian Financial Review, leading shareholders say the report is crucial and will influence their vote on the purchase at an extraordinary general meeting on or before April 28.
Accountant BDO Kendalls is due to issue its analysis of the plan within the next week and a half.
The proposal worries investors, some of them prominent owners of rural property, including minority AAco shareholder, cattleman Ashley Daley, who is going to vote against the purchase.
"They shouldn't buy it because I think Tipperary Station is a black hole. No one has ever made any money out of it as I understand," he said.
AAco said it would reduce debt, which exceeds $420 million, using proceeds from $152 million of high-grade properties sold to Macquarie Pastoral Group last month.
The group had been in talks in December to sell five properties to Primary Holdings International. Those proceeds, too, would be applied to debt.
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