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Dairy Farmers to restructure
28 May 2004
Dairy Farmers will once again attempt to convert the 104-year-old co-operative into a listed processing company. There will also be a separate supply co-operative controlled by its farmer members. This will be the third attempt in five years after previous efforts failed to gain farmer approval.
Dairy Farmers claims that these changes are necessary to allow the business to grow. The managing director Calvin Boyle said that change has to occur and a decision to maintain the current structure with its capital limitations is not in the best interests of the business nor its farmer owners.
The scheme of arrangement documents will be sent to shareholders next week and they will have three weeks to vote.
Australian Financial Review, 28/5/04
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