Thursday, 07 June 2007
Queensland Sugar Limited (QSL) will offer to purchase 15 million G (grower) class shares in Sugar Terminals Limited (STL) for 63 cents per share.
Keith DeLacy, the Chairman of QSL said this offer will be an alternative to the recent offer mailed to STL G class shareholders by The Maryborough Sugar Factory Limited.
“QSL Board believes that if the Maryborough Sugar offer is successful, a large holding in STL G class shares will have been created that may not be in the sugar industry’s longer term best interest.
The Guinness Peat Group (GPG), through its current shareholding in Maryborough Sugar and recent purchase of G class shares in STL, could emerge with effective control over the largest block of shares in STL.
The prospect of GPG increasing its influence in STL raises concerns about terminal access and terminal charges for the whole sugar industry.
Mr DeLacy said that the industry was concerned about the implications for ongoing access to the bulk sugar terminals and terminal charges that are borne by the whole industry.
“The QSL Board is currently considering ways for greater efficiency and costs savings in this important part of the supply to market chain.
QSL has mill owner and grower representative members. It operates the bulk sugar terminals owned by STL, and markets most raw sugar exported from Queensland.
For further information please contact:
Keith DeLacy, Chairman on 0438 120 250
Ian White, Chief Executive on 0419 789 061 or (07) 3815 0124