Murray Goulburn unit Trust lists on ASX
Murray Goulburn Co-operative has completed the implementation of its new capital structure with the listing of the MG Unit Trust on the Australian Stock exchange.
Australian dairy producer Murray Goulburn has completed the implementation of its new capital structure with the listing of the MG Unit Trust on the Australian stock exchange.
Murray Goulburn has now raised A$500m to fund capital investments as part of its growth strategy to "sustainably maximise" farmgate milk prices and future earnings. The trust will contribute approximately A$438m though the issue of units, with more than A$62m raised through the issue of shares to suppliers. The new units and shares have started trading on a conditional and deferred settlement basis today.
Managing director Gary Helou said: "It is fantastic that so many investors share our enthusiasm for creating value by furthering MG’s strategic shift towards premium value-add dairy foods and reducing our exposure to the volatility of the dairy commodity price cycle.
"Importantly, the capital structure strongly aligns the interests of our supplier shareholders and MG Unit Trust investors... We now, importantly, have the capital to invest in key projects to deliver world leading manufacturing and supply chain capabilities to better connect with domestic and international customers. Over the coming months we will move with speed to activate the planned capital projects – a key driver behind MG’s growth and value creation strategy to support sustainably higher farmgate milk prices and returns for MG shareholders and MG Unit Trust unitholders."
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