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AWI & AWS committed to integration

19
Jun '07
Australian Wool Innovation (AWI) and Australian Wool Services (AWS) are continuing with integration despite the process being extended beyond June 30.

AWS Chairman, Barry Walker said AWS is concluding its arrangements with the IWS Pension Fund, and this is taking longer than originally expected.

“Upon finalisation of our financial arrangements, AWS will advise shareholders of the earliest possible date for a General Meeting. This General Meeting will give shareholders the opportunity to vote on the integration with AWI.”

AWI Chairman, Ian McLachlan, said he believed that the target date for integration will now be August 31.

“The Australian Competition and Consumer Commission (ACCC) has cleared the integration, citing no competition issues,” said Mr McLachlan.

Mr McLachlan reiterated to shareholders, business partners, Woolmark licensees, and all those who have a stake in the Australian wool industry that this integration is critical for the industry to move forward.

“The structure and commercial interests of AWS cover many countries and markets. The goal is to ensure a smooth and ordered transition of particular assets from AWS to AWI, and in order to do this there are a number of formal processes AWS must complete before the integration can be successful,” said Mr McLachlan.

“Both companies are committed to integration, and significant work is being done to create one organisation to lead the research, development and marketing of Australian Merino wool,” said Mr McLachlan.

“Once the integration has taken place we can all focus on building a world-class organisation and secure Australian Merino's world-leading position in the global wool market.”

Mr McLachlan said the wool industry, shareholders, business partners and the Federal Government will continue to be kept informed of all developments.

Australian Wool Services Limited


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