12 May 2015
Murray Goulburn have announced that their members have voted in favour of adopting a new capital structure allowing the co-operative list a unit on the Australian Securities Exchange (ASX). 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.
“Rather than a sign that the co-operative model inhibits growth and business development, Murray Goulburn’s innovative capital raising shows the strength and flexibility of the model in an increasingly competitive and globalised agriculture market”, commented Melina Morrison, BCCM CEO.
“Murray Goulburn has come up with an innovative solution to get capital into the business to pursue new strategies in the value added products part of the business. There is international interest in this development from other parts of the co-operative sector”, Ms Morrison concluded.
The vote was passed with 92.3% approval by the shareholders at an Extraordinary General Meeting (EGM) last Friday.
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