Wool

$20m GIC payout to wool growers set for March

Terry Sim, February 21, 2020

PAYMENTS to Australian wool growers from the liquidation of the Graziers’ Investment Company are expected to be made next month.

GIC liquidator with Grant Thornton, Ahmed Bise, said the anticipated payment date to shareholders is 20 March 2020.

“This is the date that we working to.

“All going according to plan, I do not expect this to change,” he told Sheep Central.

About $20 million is expected to distributed to 36,594 GIC shareholders, who are wool growers mostly in New South Wales, Western Australia and Victoria holding 2,093,586 issued GIC shares.

Graziers’ Investment Company Limited was previously known as Australian Wool Services Limited, the successor to the Australian Wool Research and Promotion Organisation, which once had The Woolmark Company Pty Ltd and Australian Wool Innovation Limited as subsidiaries. AWI was de-merged from AWS in 2002 and The Woolmark Company was sold to AWI in 2007.

GIC return estimated at about $10 a share

Mr Bise said the estimated return to shareholders will be approximately $10 per share.

“The actual distribution amount will be calculated in the very near future.”

The liquidator recently had its fees and disbursements approved by the Supreme Court of Victoria scrutinise and Mr Bise said essentially all of the key outstanding matters pertaining to the company’s liquidation have now been attended to.

“There remain some residual matters to attend to but they need not delay the distribution to shareholders.”

Mr Bise said the payment process is quite simple.

“There is no need to convene another meeting of members.

“Link Market Services which manages the company’s share registry will perform the distribution.”

He said GIC shareholders will receive a one-page circular with their cheques. The circular will include a brief summary and a website link from which members will be able download a copy of a final GIC report.

Unclaimed monies to go to ASIC

Mr Bise said he wrote to the current Minister for Agriculture David Littleproud in relation to the matter of unclaimed monies.

“Notwithstanding that, it is likely that any unclaimed monies will be lodged with the Australian Securities and Investments Commission approximately six (6) months after the payment date of 20 March 2020 (20 September 2020).”

In October 2017, former GIC managing director Elaine Beever told Sheep Central that the whereabouts of 5000-6000 of the company’s shareholders was unknown, representing about $2.7 million in shareholdings. However, Mr Bise later said $5-6 million of the company’s capital could remain unclaimed.

Mr Bise said the GIC share registry is managed by Link Market Services. Any shareholder wanting to confirm whether their postal address is correct, amongst other matters, should contact LMS directly. LMS can be contacted by dialling 1300 554 474 or via email: Registrars@linkmarketservices.com.au.

On the issue of the process for GIC shareholders whose tax and business status might have changed in the intervening years, Mr Bise said if required, it is best that they seek their own advice.

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