AWB Limited today announced the introduction of a New Grower Incentive Program (Program).
AWB’s Managing Director, Andrew Lindberg, said the Program will provide an opportunity for new A Class shareholders who have never owned B Class shares to obtain shares in AWB Limited at a discount.
"The program is designed to give new wheat growers the opportunity to become equity shareholders in AWB Limited," said Mr Lindberg.
The intent of the Program is to give new growers the opportunity to purchase between 500 and 2,000 B Class, in multiples of 100 shares, at a discount of 10% to the market value (free of brokerage and handling fees).
In order to be eligible for the Program new growers must not own B class shares or have previously owned B Class shares, and must have delivered at least 100 tonnes of wheat to AWB in the past three years.
The definition of a new grower under the Program is a person who first commenced producing wheat for their own account on or after 1 July 1999 and hold an A Class share in AWB.
"The Program will be an ongoing annual program, which will provide new growers the opportunity to become holders of B class shares in AWB," said Mr Lindberg.
"Growers in a range of forums, such as AWB’s Consultative Groups, the Grains Council of Australia and their state affiliates, have requested that AWB examine ways to encourage new grower share ownership in AWB.
"The development of this program is an important outcome in delivering on our commitment to growers to meet their expectations," said Mr Lindberg.
New growers who, according to AWB records, meet the eligibility criteria will be mailed the offer documentation by mid May 2003. If growers do not receive the relevant documentation but believe they may be eligible, they should contact AWB Share Registry on 1800 000 458.
The 2003 Program is intended to operate from 12th May 2003 to 4th August 2003 inclusive.
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