| ||Media Release: Rising support for AWB Constitutional amendments|| ||
There has been rising support for the proposed AWB Constitutional amendments following a series of meetings with wheat growers and shareholders across Australia over the last few weeks.
AWB Managing Director, Gordon Davis, said he had found that wheat growers in every State are willing to consider Constitutional reform now that wheat export marketing arrangements had changed.
“The 75 percent approval rate required to change the AWB Constitution is a very high hurdle and we will have to work hard to get enough votes for reform,” Mr Davis said. “However, I am encouraged by the discussions I have had with thousands of wheat growers around Australia over the last few weeks.
“AWB recorded 62 per cent support for reform at the AGM despite concerns that the reforms were premature but an increasing number of A Class shareholders are now prepared to support AWB Constitutional reform following the changes in wheat export marketing arrangements in July.”
The Chairman of AWB International, Ian Donges from NSW and AWB International Director, James Rackham from South Australia attended many of the meetings to talk about finalisation of the National Pool following changes in wheat export marketing legislation and both publicly flagged that they support the Constitutional amendments.
“This means that a majority of A Class Directors on the AWB Limited and AWB International Boards and all the B Class Directors on the AWB Limited Board now support the proposed Constitutional amendments,” Mr Davis said.
“Four A Class Directors on the AWB Limited Board remain opposed to the proposed Constitutional amendments. They have been able to put the dissenting case in the Notice of Meeting to all shareholders and have had an opportunity to speak at the town hall meetings around Australia. Wheat growers can now decide on the merits of the opposing arguments.”
Mr Davis encouraged A Class shareholders to cast their vote by faxing their completed voting forms to the AWB share registry manager, Computershare, on 1800 800 053 or by voting on-line at http://www.awb.com.au/ before the cut-off date of 2 pm AEST on Tuesday, 19 August 2008.
Media Inquiries: Peter McBride, 03 9209 2174 or 0417 662 451
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