IFFCO And Legend Announce Landmark Agreement
17 July 2008 Under the terms of the agreement, the Managing Director of IFFCO, Dr. Awasthi, is to join the Board of Legend International Holdings, Inc. IFFCO will also have the right to nominate another Board Member. Legend’s Chairman, President, and CEO Mr. Joseph Gutnick has the right to nominate three other Board Members.
Gutnick commented: “I am very excited by the opportunity to work with IFFCO a cooperative representing 50 million farmers and the largest fertilizer company in the burgeoning Indian market. The long term track record of IFFCO and its market coverage, provide Legend International Holdings, Inc. a customer who has the capacity and financial strength to commit to large volumes of phosphate on an annual basis for the life of the project. It also enables Legend International Holdings, Inc. the ability to further develop its interests in fertilizer products and a channel through which to distribute those products.”
Additionally, IFFCO will receive 30 million options in Legend International Holdings, Inc., with total proceeds amounting to $100.5 million to be utilized to fund expenditure related to the project. IFFCO will provide both technical and financial facilitation to Legend International Holdings, Inc. in the development of its phosphate mining and shipment of its product to India.
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