| ||Media Release: AWB Constitutional change makes good business sense|| ||
AWB proposed Constitutional reform makes good business sense as new wheat exporting arrangements from July mean that the ‘rules’ of wheat exporting will change AWB Managing Director, Gordon Davis said today.
“To remain a valuable competitor for wheat growers in the future, AWB needs to operate on the same terms as other wheat exporters – for this to happen, our Constitution must change,” Mr Davis said.
“Like most good farm business decisions, the proposed changes are commonsense and they also make good business sense.”
Federal Agriculture Minister Tony Burke confirmed again today his intention to change the wheat export marketing arrangements - “I would expect that by very early March, we will have an exposure draft (of the legislation),” Mr Burke told the Australian Financial Review. “The legislation will be drafted in order to take effect on the first July.”
AWB will be running a series of advertisements in metro and rural newspapers to ensure shareholders understand and are fully aware of the proposed Constitutional changes.
AWB recommends all shareholders support the proposed changes and VOTE YES at the AGM or submit your proxy forms by Sunday, 10 February 2008.
“AWB is contacting its shareholders about constitutional reform,” Mr Davis said.
“We are phoning growers to ensure they have received the Notice of Meeting and understand the proposed changes however the final decisions on how a shareholder votes is a matter for them to decide based on the correct information available.
“Feedback shows that shareholders appreciate the direct contact and our efforts to keep them informed.”
Media contact: Peter McBride on 03 9209 2174 or 0417 662 451
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