| ||Media Release: AWB tops up Loan and Payment Amounts for 07/08 National Pool|| ||
AWB Limited has announced that it has increased its loan and payment amounts for those growers utilising AWB’s Pool Payment and Finance products for the 2007/08 season National Pool.
The amounts vary between $26 and $58 per tonne across grades, with the average being $38 per tonne. All payments should appear in growers’ bank accounts on Thursday, 15 May.
AWB’s head of harvest finance, Cam Whitehead, said the improved cash flow was consistent with AWB’s announcement of 24 October last year that it would progressively raise the levels and “top-up” earlier payments as sales prices and hedging benchmarks for the National Pool were achieved.
“Sales and hedging of the National Pool have made excellent progress, so AWB Harvest Finance can increase loan and payment amounts available to growers,” Mr Whitehead said.
“This is the third time we have increased loan and payment amounts since initial amounts were announced in October and it means that for the 2007/08 season our finance products now represent over 94% of the prevailing Estimated Pool Return.
“As a result, $75 million has been paid to Australian wheat growers who used AWB Pools and finance products. We are very pleased to be able to provide such a cash flow at this critical time of year when growers have crop establishment costs to meet.”
For further information on AWB Harvest Finance solutions growers should contact their local Grain Marketer or contact the AWB Grower Service Centre on 1800 054 433.
Media contact: Peter McBride 03 9209 2174 or 0417 662 451
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