FORM 20-F Bioceres Crop Solutions Corp
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Table of Contents As filed with the Securities and Exchange Commission on March 14, 2019 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) o REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR o ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to OR x SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of event requiring this shell company report: March 14 , 2019 Commission file number Bioceres Crop Solutions Corp. (Exact name of Registrant as specified in its charter) Cayman Islands (Jurisdiction of incorporation) Ocampo 210 bis, Predio CCT, Rosario Province of Santa Fe, Argentina (Address of principal executive offices) Gloria Montaron General Counsel Ocampo 210 bis, Predio CCT, Rosario Province of Santa Fe, Argentina Phone: 54-341-4861122 Email: [email protected] (Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person) Copies to: Conrado Tenaglia, Esq. Matthew S. Poulter, Esq. Linklaters LLP 1345 Avenue of the Americas New York, NY 10105 Phone: (212) 903-9000 Fax: (212) 903-9100 Securities registered or to be registered pursuant to Section 12(b) of the Act: None Securities registered or to be registered pursuant to Section 12(g) of the Act: None Table of Contents Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: Ordinary Shares Warrants Indicate the number of outstanding shares of each of the issuer’s classes of capital stock or common stock as of the close of business covered by the annual report. N/A Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. o Yes x No If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. x Yes o No Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. x Yes o No Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). x Yes o No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer o Accelerated filer o Non-accelerated filer o Emerging growth company x If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. o † The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012. Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing: US GAAP o International Financial Reporting Standards as issued Other o by the International Accounting Standards Board x If “Other” has been checked in response to the previous question indicate by check mark which financial statement item the registrant has elected to follow. o Item 17 o Item 18 If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). o Yes o No Table of Contents Table of Contents PART I INTRODUCTORY NOTE AND PRESENTATION OF FINANCIAL AND OTHER INFORMATION 1 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS 3 ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS 4 A. Directors and Senior Management 4 B. Advisers 4 C. Auditors 5 ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE 6 A. Offer Statistics 6 B. Method and Expected Timetable 6 ITEM 3. KEY INFORMATION 7 A. Selected Financial Data 7 B. Capitalization and Indebtedness 16 C. Reasons for the Offer and Use of Proceeds 17 D. Risk Factors 17 ITEM 4. INFORMATION ON THE COMPANY 60 A. History and Development of the Company 60 B. Business Overview 62 C. Organizational Structure 95 D. Property, Plant and Equipment 96 ITEM 4A. UNRESOLVED STAFF COMMENTS 97 ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS 98 A. Operating Results 98 B. Liquidity and Capital Resources 117 C. Research and Development, Patents and Licenses, etc. 120 D. Trend Information 121 E. Off-Balance Sheet Arrangements 121 F. Tabular Disclosure of Contractual Obligations 121 ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES 122 A. Directors and Senior Management 122 B. Compensation 124 C. Board Practices 127 D. Employees 129 E. Share Ownership 129 ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS 131 i Table of Contents A. Major Shareholders 131 B. Related Party Transactions 131 C. Interests of Experts and Counsel 136 ITEM 8. FINANCIAL INFORMATION 137 A. Consolidated Statements and Other Financial Information 137 B. Significant Changes 137 ITEM 9. THE OFFER AND LISTING 138 A. Offer and Listing Details 138 B. Plan of Distribution 138 C. Markets 138 D. Selling Shareholders 138 E. Dilution 138 F. Expenses of the Issue 138 ITEM 10. ADDITIONAL INFORMATION 139 A. Share Capital 139 B. Memorandum and Articles of Association 139 C. Material Contracts 141 D. Exchange Controls 144 E. Taxation 144 F. Dividends and Paying Agents 149 G. Statement by Experts 150 H. Documents on Display 150 I. Subsidiary Information 150 ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT RISK 151 A. Quantitative and Qualitative Disclosure about Market Risk 151 B. Currency risk 151 C. Interest rate risk 151 D. Credit risk 152 ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 154 A. Debt Securities 154 B. Warrants and Rights 154 C. Other Securities 154 D. American Depositary Shares 154 PART II ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 155 A. Defaults 155 B. Arrears and Delinquencies 155 ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 156 ii Table of Contents ITEM 15. CONTROLS AND PROCEDURES 157 ITEM 16. A. Audit Committee Financial Expert 158 B. Code of Ethics 159 C. Principal Accountant Fees and Services 160 D. Exemptions from the Listing Standards for Audit Committees 161 E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers 162 F. Change in Registrant’s Certifying Accountant 163 G. Corporate Governance 164 H. Mine Safety Disclosure 165 PART III ITEM 17. FINANCIAL STATEMENTS 166 ITEM 18. FINANCIAL STATEMENTS 167 ITEM 19. EXHIBITS 168 iii Table of Contents PART I INTRODUCTORY NOTE AND PRESENTATION OF FINANCIAL AND OTHER INFORMATION Introductory Note On March 14, 2019, Union Acquisition Corp. (“Union” or “UAC”), whose name changed to Bioceres Crop Solutions Corp., consummated the previously announced business combination pursuant to a share exchange agreement, dated as of November 8, 2018 (as amended, the “Exchange Agreement”), by and among UAC and Bioceres, Inc., a company incorporated under the laws of Delaware, which converted into Bioceres LLC pursuant to the Reorganization (as defined below) on February 28, 2019. Prior to the consummation of the business combination on March 14, 2019, the following steps took place among Bioceres, Inc. and certain of its affiliates (collectively the “Reorganization”). On February 13, 2019 Bioceres, Inc. formed a new subsidiary, BCS Holding Inc. (“BCS Holding”), and contributed its crop business net assets to BCS Holding in exchange for 100% equity interest in BCS Holding On February 28, 2019, Bioceres, Inc. converted into Bioceres LLC, and on March 1, 2019, Bioceres S.A., a company organized under the laws of Argentina and our ultimate parent company (“Parent”) contributed all of its equity interest in Bioceres Semillas S.A. (“Bioceres Semillas”) (its direct majority owned subsidiary) to Bioceres LLC in exchange for additional equity interests in Bioceres LLC. In addition, concurrently with the consummation of the business combination on March 14, 2019, the Rizobacter Call Option (as defined below) was exercised, pursuant to which the total indirect ownership of BCS Holding in Rizobacter increased to 80.00% of all outstanding stock of Rizobacter. On October 22, 2018, Parent, RASA Holding LLC, a Delaware limited liability company and a wholly owned subsidiary of Bioceres, Inc., now a wholly-owned subsidiary of BCS Holding (“RASA Holding”), and Pedro Enrique Mac Mullen, María Marta Mac Mullen and International Property Services Corp., as sellers (collectively, the “Grantors”) entered into an amended and restated option agreement (as may be amended from time to time, the “Rizobacter Call Option Agreement”), pursuant to which the Parent, RASA Holding or any of their nominated affiliates (including BCS Holding and its subsidiaries, collectively the “Beneficiaries”) would have the option (the “Rizobacter Call Option”) to purchase from the Grantors all of their 11,916,000 shares of common stock (par value AR$1 each and 5 votes per share, the “Rizobacter Stock”) of Rizobacter Argentina S.A., an Argentine corporation and a subsidiary of RASA Holding (“Rizobacter”), representing 29.99% of all outstanding common stock of Rizobacter.