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Covering the Goulburn and Murray valleys

SunRice review

SunRice has announced the start of a consultation program with shareholders as part of its Capital Structure Review.

November 16, 2012 4:11am

The consultation will initially consist of shareholder meetings, with the first round of meetings held in Leeton and Finley yesterday.

Other meetings this week will be held today at Coleambally and Griffith and in Wakool and Deniliquin on Thursday.

The review is focused on the company’s capital structure, specifically looking at the relevance and appropriateness of the current structure as well as how SunRice can best deliver on the expectations of shareholders.

Board structure and the development of a grower services and paddy procurement charter are also being considered as part of the review.

SunRice chairman Gerry Lawson said the first round of the meetings is about listening to shareholders.

‘‘The review is an opportunity to discuss how SunRice can best meet the challenges and opportunities of the future,’’ he said.

‘‘Over the coming months we will be holding meetings with growers, shareholders and the community, and I encourage everyone to get involved.

‘‘It is important that all shareholders and growers have an opportunity to contribute, and feedback is both welcomed and encouraged.

‘‘In due course the board will act on shareholder feedback, however there’s a long way to go and it is far too early to predict an outcome for the review.’’

Mr Lawson said it is also important to remember there will be no changes to SunRice’s structure without a shareholder vote.

‘‘That’s why the board is determined to have a constructive and positive discussion with all shareholders to develop a solution that best meets their objectives and aspirations,’’ he said.

Further rounds of meetings will be held next year, with dates, times and locations to be confirmed.

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