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Last Updated:
Nov 28, 2009 - 10:00:09 AM
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Members of Australian Cooperative Foods Limited (ACF) are being asked to vote on the demutualisation of the co-operative. This follows the report from Grant Samuels & Associates which the ACF has described as an independent expert. The co-operative needs 75% or more of its active members to support demutualisation. Read the media release about the ballot.
The special postal ballot for the proposed acquisition of Australian Co-operative Foods Limited (ACF), which trades as Dairy Farmers, by National Foods has now opened.
For the National Foods proposal to acquire ACF to succeed, it requires the support of 75 per cent or more of ACF active members who vote on the proposal.
ACF Chairman Ian Langdon said that detailed information about the National Foods proposal had been posted to ACF members from across Queensland, New South Wales, Victoria and South Australia this week. Each active member was also sent a voting guide which includes a special postal ballot paper.
“The ballot is open and members will be receiving their packs of information on the National Foods proposal, which for active members includes a special postal ballot paper, today or early next week,” Mr Langdon said.
“This pack of information includes what is known as a Scheme Booklet – a 220-page legal document that contains very detailed information about the National Foods proposal, including the independent expert’s report.
“After receiving their packs of information, the Board strongly encourages members to read all the documentation carefully before completing their ballot papers. We also recommend they discuss the National Foods proposal with their investment and taxation advisers.
“The proposal is subject to a number of conditions, including that new and existing members enter into revised milk supply contracts with DFMC (the co-operative that supplies milk to ACF) for a minimum period to 30 June 2010 to secure certain minimum regional volumes of milk.
“While the National Foods proposal ballot closes on 12pm (noon) on 12 November, active members should allow five business days for postage. Therefore, to ensure their votes count, we’re encouraging active members to have their ballots posted by 5 November,” Mr Langdon said.
© Copyright 2008 by Victoria Coop News
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