WOOL grower owners of the Graziers Investment Company Ltd have voted overwhelmingly to appoint liquidators to wind-up the entity and distribute $20 million in capital to shareholders.
At a company general meeting at Parkville in Victoria today, GIC secretary Peter McKeown said 99.7 percent of eligible shareholders voting opted to wind-up the company and appoint liquidators.
On the second special resolution to authorise the liquidators Andrew Hewitt and Ahmed Bise to distribute GIC’s net assets, 99.3pc of eligible voting shareholders were in favour. More than 98pc of shareholders voted to fix the cost of the liquidator and to destroy the company books, subject to regulator approval.
GIC chairman Barry Walker said the meeting and votes marked the end of a significant and historic era of the wool industry.
“With the closure of GIC and 80+ years of wool history, as your Board we have completed our remit.
“We have resolved all past legacy issues.
“We leave the wool industry no longer encumbered with the problems of the past,” he said.
“Instead of a myriad of legacy issues and a $96 million debt, we bequeath you $20 million debt-free.”
GIC chief executive officer Elaine Beever agreed the vote result indicated shareholders wanted closure of the GIC Ltd affairs.
“It has been a long time coming to be fair, but having said that, one of the questions that was raised to use today was ‘So how can you be sure that there are no more skeletons or legacies will come out of the woodwork.
“I think the time and systematic way we have taken to do this ensures that there will not be,” she said.
GIC Ltd chairman Barry Walker said the GIC outcome would not have been possible without the enduring support of GIC shareholders.
“I thank our current board and management, as well as past directors for their continued dedication to the GIC task.
“There is an appropriate old saying. ‘Life is a journey, where we can cherish the past, face the present and move ahead to new milestones’,” he said.
“As we reflect on the past and accept the present, we wish you well in achieving new milestones for a bright and long future in the Australian wool industry.
“For the last time on behalf of my fellow directors and executives, I thank you all for joining us and being part of this momentous occasion. Until our paths meet again, take care and goodbye.”
WoolProducers Australia chief executive officer Jo Hall said the body was pleased with the outcome of the meeting.
“Shareholders have overwhelmingly voted in favour of resolution one, which is to wind the company up.
“The board and management are to be congratulated in their handling of the GIC as the many legacy issues were not easy to resolve,” she said.