Australia's Elixinol Wellness jumps on proposal to buy Sustainable Nutrition Group

Sustainable Nutrition

29/11/2022 04:54

** Shares of Elixinol Wellness Ltd  EXL.AX  rise as much as
21.4% to A$0.034, its biggest intraday pct gain since Oct. 5 
    ** Australia's medicinal cannabis maker says it has proposed
acquisition of the Sustainable Nutrition Group  TSN.AX  (TSN)
    ** Adds, EXL will exchange 1.1225 of its shares and 1.1225
of its options for each TSN share and scheme option  
    ** Says acquisition helps co to leverage access to the
largest hemp farmer network in Australia and increased
distribution points 
    ** Separately, co to provide loan funding of up to A$2 mln
to TSN's operating unit
    ** More than 509,000 shares change hands, vs the 30-day
average volume of 265,000 shares
    ** Stock has fallen 61.1% this year, as of last close
 ($1 = 1.4921 Australian dollars)
 (Reporting By Udbhav Krishna P in Bengaluru)
 ((UdbhavKrishna.P@Thomsonreuters.com))