16 April 2015
Murray Goulburn, a BCCM member, has announced plans to hold a meeting where members will have the opportunity to vote on a capital restructure proposal that includes listing a unit trust on the Australian Securities Exchange. This follows interest by the co-operative to enter the growing Asian market and increased investor appetite for a dairy business on Asia’s doorstop.
The dual-share structure of Murray Goulburn will keep voting shares, and therefore control, in the hands of its 2500-plus farmers and offer economic rights without voting power to third party investors. This aspect follows a similar structure set up by the co-operative Fonterra, (the Fonterra Shareholders’ Fund), was listed in Australia and New Zealand in 2012. As the co-operative’s constitution mandates that it maximises the milk price paid to its farmers-owners, this ensures the plan has investor and farmer interests aligned. This means any return on investment is linked to the farm gate price.
The meeting is due to take place on 8 May.
Latest news
From co‑operatives to crisis: how Australia surrendered control of its fertiliser supply
Co-ops and Mutuals poised to build a more resilient economy for Tasmanians
