Tully still in race to buy mill

WHILE the administrators of Proserpine's Sugar Mill have entered into an agreement with Sucrogen to buy the business, Tully Sugar's Chief Executive Officer John King, says his company is "still in the race".

Mr King said Tully/Cofco representatives met with the administrator and legal advisors on Tuesday to clarify their position.

"Clearly the way we understand it is the creditors will vote on the Sucrogen proposal on December 9. If they don't support that they will then have an opportunity to vote on our proposal.

We still have an opportunity to put our best foot forward," Mr King said.

"$128 million - how good is that?"

Although some growers are happy with the thought of another bidder waiting in the wings, others are not.

Canefarmer Glenn Clarke said he found it frustrating that Tully/Cofco was "hovering around".

"They've had two opportunities to put in a superior offer and have failed now twice, so why would the creditors, who have been guaranteed 100 cents in the dollar from the administrator, want to take a risk on a no vote, or another party who has been unable to deliver on previous occasions," Mr Clarke said.

Meanwhile fellow farmer Bob Bennett said there was nothing wrong with trying to get the best possible price for the mill.

"I don't want people to get the idea I'm against Sucrogen, but they're not the only option and all options need to be explored if we're to realise proper value for our mill," Mr Bennett said.

"After all the wrangling and so-called trouble we've caused, we're actually $10 to $15 million better off. That's a big thing for the town," he said.


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