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Grains giant for east coast
20 Aug 2003
Grainco Australia Ltd shareholders have voted overwhelmingly in favour of a takeover by NSW bulk grain handler GrainCorp Ltd, with a vote of more than 97 per cent on all resolutions at last week's meeting in Toowoomba. The takeover becomes effective from October 1, 2003.
Grainco shareholders agreed to accept GrainCorp's offer of $1.39 a share, to be taken as cash or as reset preference shares. GrainCorp changed its constitution last week to allow the issue of the reset preference shares.
The vote handed Graincorp a virtual monopoly in grain storage and handling along Australia's east coast, giving it about 80 per cent of storage capacity and all but one port terminal in Victoria, NSW and Queensland.
Weekly Times, 20/8/03, page 2.
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