AGC refuse CBH information

26 Feb, 2016 03:38 PM
Comments
4
 

AUSTRALIAN Grains Champion has refused to provide CBH with further information on its corporatisation proposal.

CBH requested an expansion on several key points of the group's proposal at its annual general meeting on Wednesday.

In a statement released this afternoon, CBH has indicated it will assess the proposal on the detail it does have with the best interests of growers in mind.

Among CBH's concerns with the AGC proposal highlighted this week was lack of detail on the network re-gaping plan and the long term plans for storage, handling and transport charges beyond an initial five-year CPI cap on charges.

However, AGC director Clancy Michael has hit back at CBH’s information request, saying the CBH board does not require further information to make a recommendation at this stage.

He said CBH needed to let growers decide to participate and open the proposal up to them by signing onto the process agreement.

According to Mr Clancy, the details being sought would be provided by AGC in the next stage of the agreement.

AGC is seeking CBH board approval for the process agreement by March 18.

See next week’s Farm Weekly for more details.

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READER COMMENTS

jingelic
27/02/2016 12:13:00 PM, on Farm Weekly

I note that Senator Heffernan has said he thinks that the demutualisation of CBH is inevitable. It's rather sad that our elected politicians believe that farmers should not own their own infrastructure. How is it better for crucial handling and storage facilities to be owned by foreign shareholders with no interest in Australian agriculture, except for how big a dividend they can squeeze out of it? It's bad enough that so many of our credit unions and health funds have been de-mutualised. The result has been a disaster for consumers. Let's not make the same mistake with CBH. .
X
28/02/2016 10:11:04 PM, on Farm Weekly

Impasse or EGM?
Deregul8
29/02/2016 6:51:06 AM, on Farm Weekly

And where is the network plan you promised us as shareholders Wally? Oh thats right we had another election to get through. Bunch of gutless yes men these directors are. I hear Walls head is likely to roll soon anyway with another extremist in Madden to take over the helm of CBH. There is turmoil in the board.
Sallyanne
5/03/2016 11:01:06 AM, on Farm Weekly

This proposal is by an Australian group - not foreign shareholders as jingelic proposes. Read the AGC web site and get the facts. Putting money into the rural economy will be a huge boost. To be competitive farmers need to release these funds. Owning infrastructure is unnecessary - we are farmers and have not got skills or knowledge to run storage and handling. Bring on the Corporatisation of CBH for the good of all farmers. Coles and Woolies do not own any of their logistic infrastructure.Competition is here now and CBH cannot compete.

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