Sucrogen acquires Proserpine Mill
AFTER seven months, two member votes and two creditors' meetings, sugar giants Sucrogen have finally acquired the Proserpine mill. A sale transaction for a headline price of $120million was completed this afternoon, after 93 per cent of creditors voted in favour of selling to Sucrogen at a meeting in Proserpine earlier today.
Sucrogen CEO Ian Glasson said the creditors' vote was a great outcome.
"The positive result means creditors will be paid, in full, before Christmas," Mr Glasson said.
"We are grateful to have received such strong support from creditors, who have clearly shown faith in us and our plans for the Proserpine region," he said.
"We look forward to a long and productive relationship with local growers, Proserpine Sugar Mill employees and the whole Proserpine community."
Rival bidders Tully/Cofco have accepted the creditors' decision and expressed sincere gratitude to growers who supported and shared their vision over recent months.
"The positive legacy from Tully's involvement resulted in an additional approximate $9 million for Proserpine growers compared to the distribution they would have received under the original Sucrogen offer put to a meeting of members in August," said Tully CEO John King.
"The Proserpine industry and community can now put the difficulties of the past twelve months behind them and move ahead with some certainty."