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Shareholders of Winnipeg-based Legumex Walker will get less than originally anticipated from the sale of its special crops division.

The company said the net proceeds distributed to shareholders from the sale of the division to Scoular for $94 million is about $1.95 to $2.25 per share, down from an expected $2.50 to $2.75. Shares closed at $1.63 Oct. 16.

The lower estimate is due to a reduction in Legumex’s net working capital in the third quarter.

Chair Bruce Scherr said in a news release the sale still “represents excellent value” for shareholders.

About the author

Sean Pratt has been working at The Western Producer since 1993 after graduating from the University of Regina’s School of Journalism. Sean also has a Bachelor of Commerce degree from the University of Saskatchewan and worked in a bank for a few years before switching careers. Sean primarily writes markets and policy stories about the grain industry and has attended more than 100 conferences over the past three decades. He has received awards from the Canadian Farm Writers Federation, North American Agricultural Journalists and the American Agricultural Editors Association.