Naomi board members not supportive says Queensland CEO

04 Aug '05

3 min read

“There is a high degree of interest in the merger in the cotton communities and widespread acknowledgement of its benefits for the industry. Namoi growers have expressed a genuine desire to learn more about the merger proposal and the implications for their businesses,” Mr Haire said.

Queensland Cotton has requested access to the Namoi grower register so that it can correspond directly with Namoi members and ensure they are properly and fully informed about the merger proposal. Namoi has declined this request, despite Queensland Cotton committing to use the register only in relation to the merger proposal.

Queensland Cotton is continuing to explore means of gaining access to the registers of Namoi grower members and capital stock holders.

“If the Namoi Board maintains its rejection of their proposal to create a powerful Australian cotton company by bringing together Namoi and Queensland Cotton, it will fall to the Namoi growers and capital stock holders to get involved and to demonstrate their control by demanding the opportunity to vote on the merger,” Mr Haire stated.

“Queensland Cotton will be doing everything in its power to ensure that Namoi members have their say, and is confident that Namoi members will vote for the merger once that opportunity is secured.”

"Mr Haire said Queensland Cotton remains committed to the concept of bringing together the two companies for the benefit of the entire Australian cotton industry. The merger is about creating a great Australian cotton company and a better future for the industry and the next generation of cotton growers.”

Namoi Cotton is one of Australia's largest cotton ginning and marketing organisations. Namoi Cotton built its first gin in Wee Waa in 1963. Namoi Cotton has now evolved into a fully integrated ginning, marketing, warehousing and shipping organisation selling cotton to many of the world's major cotton processing markets, including Japan, Indonesia and Thailand.

Queensland Cotton Holdings Limited with operations throughout California and Arizona in the US, and Queensland and New South Wales in Australia, the Group has two experienced management teams operating from both continents reporting through to its Australian Executive Committee and Board of Directors. Management of the business is delegated to the Chief Executive Officer (CEO) who has defined limits of management responsibility.

Queensland Cotton Holdings Limited

More Namoi Cotton Co-operative Ltd News... More Textiles News - Australia...