AWB Limited shareholders today elected two Directors to the Board of AWB Limited and one Director to the Board of AWB (International) Limited at its Annual General Meeting in Melbourne.
Shareholders also voted to remove AWB’s $150 capital limitation.
Western Australian A class shareholders voted to re-elect Mr Laurie Marshall and in the national election of B class shareholders Mr Robert Barry was re-elect to the Board of AWB Limited.
New South Wales and the Australian Capital Territory A class shareholders also elected Mr Ian Donges to the Board of AWB (International) Limited.
AWB Limited’s Chairman, Mr Trevor Flugge, welcomed Mr Ian Donges to the Board as a NSW/ACT director and said he was sure Mr Donges would bring a new range of skills and experience to the Board.
“I would like to thank all the candidates who nominated for the Board and I am very satisfied that the Directors elected will serve their term in a constructive and professional manner, which will ultimately benefit Australian wheat growers and our shareholders,” said Mr Flugge.
At the AGM shareholders were invited to vote on the important resolution relating to the use of capital by the Company. Previously AWB Limited was restricted to the amount of equity capital the company could use for “non-pool activities”.
As a result of the AGM vote the Capital Limitation has been removed and Mr Flugge said shareholders made the right decision by abolishing the capital limitation and they should see the benefits of their vote in the near future.
“In addition, the removal of the capital limitation will assist AWB in its listing on the Australian Stock Exchange later in the year,” said Mr Flugge.
“The removal of the capital restriction will not affect the main provisions embedded in the AWB’s Constitution which ensure that the pool is operated with the ability to fund National Pool Harvest Payments to growers, and our main objective will always be to maximise net returns to growers who deliver to the National Pool,” said Mr Flugge.
“Non-pool activities” are activities apart from the operation of pools by AWB International. Such activities include investments in grain-related commercial operations that are designed to create revenue and profits for AWB Limited and higher dividend payments for company shareholders.
Mr Flugge said he was pleased with the attendance of shareholders at the company’s second AGM as a public unlisted company and was happy with the number of shareholders that exercised their right to vote for their company.
“It was only the second AGM for AWB Limited since privatisation and I am happy with the outcome.
“I look forward to continually gaining the views of shareholders at future AGMs,” said Mr Flugge.
For more information contact:
Peter McBride, AWB Limited, Public Affairs on 03 9209 2174 or 0417 662 451
Click on the link below to view the Voting Results
Top of Page