Ex­change list­ing still on SunRice agenda: Chair

Southern Riverina news - - NEWS -

A date has still not been set for a vote on SunRice’s pro­posed cap­i­tal re­struc­ture, but its chair Lau­rie Arthur says it is still a pri­or­ity.

The re­struc­ture pro­poses list­ing B Class shares on the Aus­tralian Se­cu­ri­ties Ex­change, giv­ing the com­pany the po­ten­tial to se­cure fu­ture growth.

A vote on the pro­posal, which will not im­pact on A Class shares or grower con­trol, was ex­pected to be held this year.

In May, the com­pany ad­vised the tim­ing of the pro­posed re­struc­ture had been im­pacted by de­vel­op­ments re­gard­ing a sub­sidiary joint ven­ture part­ner’s de­ci­sion to un­der­take an in­ter­nal review of its ar­range­ments SunRice.

‘‘This de­vel­op­ment was un­ex­pected, is not re­lated to SunRice’s busi­ness per­for­mance and is not im­pact­ing on trad­ing oper­a­tions,’’ Mr Arthur said.

‘‘The cap­i­tal re­struc­ture will pro­ceed to a vote once the cur­rent joint ven­ture is­sue is re­solved and a suit­able timetable can be con­firmed.

‘‘The board re­mains fully com­mit­ted to the pro­posed cap­i­tal re­struc­ture and it will be brought be­fore share­hold­ers for con­sid­er­a­tion once it has been through all the nec­es­sary pro­cesses, in­clud­ing res­o­lu­tion of the cur­rent joint ven­ture is­sue.’’

Mr Arthur said the cap­i­tal with re­struc­ture will change the way SunRice’s fu­ture growth is funded, while de­liv­er­ing en­dur­ing grower share­holder con­trol and of­fer­ing B Class share­hold­ers the po­ten­tial to un­lock greater value for their in­vest­ment.

‘‘The cap­i­tal re­struc­ture is in the best in­ter­ests of the busi­ness and will al­low us to in­vest for growth, bet­ter man­age risk and en­sure greater re­silience in dy­namic global mar­kets,’’ he said.

‘‘Since cor­po­ratis­ing in 2005 and list­ing on the NSX in 2007, SunRice has a track record of de­liv­er­ing pos­i­tive out­comes for, and bal­anc­ing the needs of, both A and B Class share­hold­ers.’’

They are Ba­rooga Com­mu­nity Hall, Ber­ri­gan Pub­lic School, Blighty Pub­lic School, Fin­ley High School, Jer­ilderie Civic Hall and Tocumwal Pub­lic School.

Seven can­di­dates will be listed on the seat of Far­rer bal­lot pa­per, in­clud­ing Chris­tian Kunde who with­drew as La­bor’s can­di­date more than two weeks ago.

Un­der Aus­tralian Elec­toral Com­mis­sion leg­is­la­tion Mr Kunde’s name could not be re­moved from bal­lot pa­pers and his votes will be counted.

Can­di­dates in bal­lot or­der are Ron Pike (Aus­tralian Lib­erty Al­liance), Amanda Cohn (The Greens), Paul Ros­setto (Chris­tian Demo­cratic Party), Brian Mills (In­de­pen­dent), Sus­san Ley (Lib­eral), Chris­tian Kunde (La­bor) and Trevor O’Brien (Ma­ture Aus­tralia Party).

For more in­for­ma­tion about polling lo­ca­tions and open­ing times, visit

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