AUSTRALIAN wool growers will vote on a recommendation to wind-up Graziers’ Investment Company Limited, on October 11 this year, GIC chairman Barry Walker announced today.
In an announcement on the GIC website, Mr Walker said the final key legacy has now been completed with the receipt of funds from India yesterday.
“This now concludes all financial inherited legacies and clears the way for the closure of the International Wool Secretariat and ultimately GIC,” he said.
The wool grower-owned company’s board had been waiting to receive about $A690,000 of its funds held by the Reserve Bank of India before dissolving International Wool Secretariat structures in France and India, and making preparations for a vote on GIC’s future for the distribution of an estimated $20 million in assets to shareholders this year.
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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 Ltd is responsible for concluding the legacy issues inherited from its predecessors and managing the wind-down of its remaining interests. There are 36,594 wool grower shareholders in GIC, mostly in New South Wales, Western Australia and Victoria, who holding 2,093,586 issued shares. Most shareholders (30,877) hold up to 100 shares, but major shareholders include Twynam Pastoral Co (4463), John Swire and Sons (4215), Lynoch Pty Ltd (3890), NM Rural Enterprises (3225) and Emanuel Exports (3213).
Mr Walker said the GIC board has considered all options for the future of GIC and, in the absence of finding a compelling and commercially sustainable opportunity to continue, will be recommending to shareholders to close the company.
“We invite shareholders to attend GIC’s general meeting on 11 October 2017 and support the board’s recommendation to close GIC.
“The location and time of the forthcoming meeting will be announced in due course and the notice of meeting, explanatory memorandum and proxy form will be distributed to shareholders in September 2017,” he said.
Mr Walker said there are a number of legal processes required to implement the wind up of GIC, including statutory notice periods.
“All such steps will be expedited, where possible, prior to the general meeting to ensure a timely conclusion once shareholders’ have voted.”
Mr Walker encouraged GIC shareholders to update their payment and contact details if they have changed their postal addresses.
Shareholders can check their details with the company’s share registrar, Link Market Services, either online at www.linkmarketservices.com.au; or by email to [email protected]; or calling them on 1300 55 44 74 (Toll free within Australia).