E-Malt.com News article: 1451

Grainco shareholders overwhelmingly voted in support of the $1.392 per share merger offer from southern bulk handler GrainCorp, Ezigrain reported. According to AgForce Grains president Murray Jones, this was the most important storage and handling issue ever voted on in Queensland.

Mr Jones said the vote marked the end of an era for Grainco which was 100 per cent Queensland owned. "Of Queensland grower shareholders who voted, 97 % voted in favour of the merger and as the voice of the state's grain growers, AgForce Grains, will continue to lobby hard on their behalf,'' Mr Jones said.

A total of 57% of Grainco shareholders voted, either by proxy or in person. The merger is planned to go ahead on the1st October 2003 at which time cash payment and / or GrainCorp reset preference shares will be provided to Grainco shareholders.

Managing Director of GrainCorp, Mr Tom Keene, said the result was an enormous vote of confidence by Grainco Australia shareholders in the merged business.

"We will now buckle down to the task of providing the best possible service to Queensland growers in the coming harvest," he said.

"As we start this new chapter in our industry, AgForce looks forward to working with GrainCorp to ensure grower needs are looked after," said Mr Jones.

Mr Jones said the GrainCorp structure includes the Grain Growers Association and, through this organisation, farmers can elect grower directors to the board of GrainCorp, the nation's biggest grains storage and handling company.


19 August, 2003