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Murray Goulburn to publically list on the ASX

Shareholders of Murray Goulburn have voted in favour of publically listing the company on the Australian Stock Exchange (ASX).

At an Extraordinary General Meeting (EGM), shareholders voted in favour of all items of business presented including the adoption of the new capital structure and related constitutional amendments, the consolidation and conversion of B and C Class Preference Shares to non-voting Ordinary Shares and the increase in the aggregate Director fee pool.

The structure will see 100 percent farmer control of the co-operative maintained but allow external investors to invest in MG via a unit trust to listed on the ASX.

MG Chairman Philip Tracy said “Today’s historic vote takes MG a critical step closer to achieving our goal of raising $500 million to fund capital investments to enable the delivery of sustainably higher farmgate returns.”

“The strength of today’s vote demonstrates that MG’s suppliers are not only overwhelmingly in favour of the new capital structure, but also see the growth that lies ahead for dairy foods. They see the opportunity that Asia presents and support MG’s growth and value creation strategy.

“From the outset, the Board believed it was critically important to involve MG supplier shareholders in the capital structure development process and after 18 months of consultation and discussion, including five rounds of supplier meetings, what we saw today was a co-op in unison and alignment. I am enormously proud of the process undertaken to develop the capital structure and I thank all supplier/shareholders for their involvement and commitment.

“With the EGM now behind us, we will move forward with the various Offers to eligible suppliers and external investors to invest in MG’s future, with the aim of completing the fundraising process and listing the MG Unit Trust on the Australian Securities Exchange in July,” Mr Tracy said.

Following the meeting, MG Managing Director, Gary Helou, said “Today’s result represents a strong vote of confidence in MG’s growth and value creation to transform the business and improve farmgate returns. The approval of the capital structure gives us the opportunity to raise $500 million in new capital which we will invest to further our strategic shift towards premium value-add dairy foods and in the process reduce MG’s exposure to the volatility of the dairy commodity price cycle.”

“Global demand for dairy foods continues to grow, particularly in Asia. All global dairy companies are racing to capture a share of these growth opportunities and in this context, MG does not have a moment to waste. We will invest the new capital we ultimately raise, in world’s leading manufacturing capability and market reach, to ensure we are well placed to meet and serve the growing needs of dairy customers and consumers in Australia and internationally for premium, quality, Australian made dairy foods,” Helou said.

 

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