• Duxton Farms to acquire four private companies in walnuts, dried fruits, orchards and bees
• $4 million conditional placement to institutional investors
• Special dividend of $0.24 per share following recent asset divestment

Duxton Farms Ltd (Duxton Farms) is pleased to announce its proposed acquisition of four Australian private companies operating in walnuts, dried fruits, orchards and bees (Merger). Duxton Farms is also announcing a $4.0 million conditional underwritten placement of new fully paid ordinary shares at an offer price of $1.25 per share (Placement) and a one-off 85% franked special dividend of $0.24 per share. The Merger is expected to significantly expand the scope and scale of Duxton Farms' portfolio, creating an agricultural player with over $298 million in gross assets, 180,000 hectares of land, and 32,000 megalitres of water entitlements. The Merger will proceed if the schemes of arrangement are approved in respect of all four Merger Companies or the three Merger Companies - Duxton Dried Fruits, Duxton Walnuts and Duxton Bees. Duxton Farms proposes to simplify its investment management agreement with Duxton Capital, including altering the management fee and removing the performance fee. The Merger is unanimously recommended by the Duxton Farms board sub-committee and the other Duxton Farms directors, and the Merger Companies' board sub-committees and other directors.

Duxton Farms expects the Merger to deliver approximately $149 million in additional pro forma gross assets (as at 31 December 2024) to Duxton Farms.