AWB Limited today announced it will make a $180 million third drawdown to Australian wheat growers who selected AWB National Pool Harvest Payment in 2001/2002 AWB National Pool.
AWB Limited’s Chief Executive Andrew Lindberg said the company decided to make the third drawdown to improve growers cash flow during a tough period caused by adverse seasonal conditions.
"The payments will vary according to grade and protein level, but the additional cash flow will be welcomed by many wheat growers who are experiencing a difficult harvest this year," said Mr Lindberg.
"This is one of a range of measures and programmes being developed by AWB to support growers through the next twelve months.
"I encourage all wheat growers facing a difficult season to approach their local AWB office where staff are ready to discuss their individual needs for coping with the current situation," said Mr Lindberg
The third drawdown was possible after completing a thorough assessment of AWB National Pool performance to date. AWB National Pool performance incorporates international sales, foreign exchange management, futures management, position management, and logistic management from wheat receival silos up country to international customers.
"The payments to growers will be between $5 and $20 per tonne. However, AWB is not in a position to make a third payment to growers participating in APH pool pay grade with a protein level higher than 16 percent or GUW pool pay grade with a protein level lower than 9.5 percent, or the handful of growers who are not registered for GST.
"Growers who receive the third draw down will be paid at the varietal pool base rate. This will make the calculations and the paperwork much easier for growers to reconcile," said Mr Lindberg.
The attached table shows the breakdown of the payment in relation to AWB National Pool pay grades.
The third AWB National Pool Harvest Payment draw down will be paid in the week commencing 16th September 2002 and growers have the choice of accepting the additional funds or not.
Growers need to be aware that AWB’s Guaranteed Pool Return remains constant as of the announcement date - 5th November 2001.
Growers who do not want the additional drawing have two options:
- They can telephone AWB’s service centre on 1800 054 433 before the 10th September 2002: or
- Growers can return the funds to AWB Limited once it is paid into their account. This must be done by the 26th September to avoid interest charges on Harvest Payment accounts. This can be done by Electronic Funds Transfer and the completion of the repayment form which can be obtained from AWB’s Service Centre on 1800 054 433 or AWB’s website.
For further information please contact your local AWB Area office or the AWB Grower Services Centre on 1800 054 433