July 15 (Reuters) - Elders Ltd ELD.AX :
* ENTERED INTO A SCHEME IMPLEMENTATION DEED WITH AUSTRALIAN INDEPENDENT RURAL RETAILERS
* DEAL FOR A$10.85 PER SHARE
* ACQUISITION CONSIDERATION COMPRISES 50% CASH AND 50% ELDERS SCRIP
* SCHEME HAS BEEN UNANIMOUSLY RECOMMENDED BY AIRR'S BOARD OF DIRECTORS IN ABSENCE OF A SUPERIOR PROPOSAL
* SCHEME TO ACQUIRE 100% OF AUSTRALIAN INDEPENDENT RURAL RETAILERS SHARES
* EXPECTED TO DELIVER LOW SINGLE DIGIT EPS ACCRETION ON FY19 PRO FORMA BASIS BEFORE SYNERGIES AND LOW DOUBLE DIGIT EPS ACCRETION POST SYNERGIES
* CO FUNDING ACQUISITION VIA A$137 MILLION EQUITY RAISING AND ISSUE OF A$79 MILLION OF NEW ELDERS SHARES TO AIRR SHAREHOLDERS AS SCRIP CONSIDERATION
* ASSUMES $8 MILLION OF NET SYNERGIES BASED ON MID-POINT OF ESTIMATED RANGE OF $6.6 - 9.3 MILLION; EXCLUDES ONE-OFF IMPLEMENTATION COSTS