Growers get details on Sucrogen

PROSERPINE cane growers have been sent the complete details of the Sucrogen offer in their bid to buy the Proserpine Sugar Mill.

Proserpine Sugar Mill acting chief executive Ian McBean said the information clearly reaffirmed the board’s recommendation for members to vote in favour of Sucrogen’s $115m cash offer.

"In the absence of a superior offer, the Proserpine board of directors unanimously recommends members vote for the Sucrogen offer," he said.

The information included an independent expert’s report and comprehensive details of the Sucrogen offer.

Mr McBean said the Sucrogen offer would address the financial pressures that currently threatened the viability of the mill and strengthen the long term future of the mill and the Proserpine community. The Board approached nine potential investors and two genuine offers were received.

"The decision is now up to the members but there is a strong sense of support for the Sucrogen offer and the benefits it would provide to the mill and the local community," he said.

"With Sucrogen the members know what they are getting – a company with extensive experience in the Australian sugar industry and a strong commitment to growth."

An information meeting will be held for members to discuss the offer and independent expert’s report.

Members have 21 days to cast their postal vote and votes must be received by 5pm on Monday, August 29.  


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