AWB Limited will make a $350 million second Harvest Payment to growers who delivered to the 2000/2001 National Pools.
The additional Harvest Payment loan draw down, to be paid at the end of next week, will be paid to all growers who elected to take AWB’s Harvest Payment option when delivering to the National Pool.
“Payments will vary from grade to grade, but most growers should receive somewhere between $25 and $48 per tonne. The additional cash flow will be welcomed by farmers about to start their 2001 planting programmes,” AWB Chief Financial Officer Paul Ingleby said.
There will be no cost deductions from the second loan payment. Also, all growers will receive the same payment for each varietal grade, regardless of their Golden Rewards protein and screenings levels. This will make the calculations and the paperwork much easier for growers to reconcile.
Growers who do not want the additional payment can return the funds to AWB Limited. This must be done within two weeks of the payment date to avoid additional interest charges on Harvest Payment loan accounts.
Mr Ingleby said the second payment was possible after AWB Limited completed a thorough assessment of the National Pool’s sales progress.
“The outlook for the National Pool return is very positive – we have seen steady improvement in the pool value since harvest, and our sales program is on track to achieve full clearance of the 2000/2001 crop with strong premiums over our competitors prices,” Mr Ingleby said.
“In this environment AWB Limited is pleased to be able to offer growers their second draw down from the National Pool Harvest Payment.”
The additional payment calculation will be based on half of growers remaining National Pool equity as of April 30. Full details of the payments will be published later this week.
For further information please contact your local AWB Area office or the AWB Grower Services Centre on 1800 054 433
For media inquiries please call Paul Ryan on 03 9209 2098 or 0408 347 282