Australian-owned food processor and marketer SPC has had its major corporate restructure proposal approved by extraordinary general meetings of shareholders.

Directors of the group said they have been concerned for some time that SPC’s multi tiered ownership structure, with three different classes of shares, had outlived its usefulness and was inhibiting growth.

The company now intends to speed ahead with plans to create a single listed entity with a single security quoted on the Australian Stock Exchange by the end of April.  More than 90 million ordinary shares will be available under the plans enabling people and institutions to directly invest in SPC.