Namoi Cotton Co-operative Ltd Confirms Restructure to Namoi Cotton Limited
Namoi Cotton Co-operative Ltd (ASX:NAM) Chairman, Mr Stuart Boydell has today announced the final implementations of the schemes of arrangement and restructure of Namoi Cotton from a Co-operative to an ASX listed public company named Namoi Cotton Limited.
Namoi Cotton confirms the transfer of incorporation and the Restructure has been implemented and the ordinary shares have been entered the Namoi Cotton Limited register.
This followed Grower Members and Namoi Capital Stockholders voting overwhelmingly in favour of the restructure on 26 September 2017 and the NSW Supreme Court’s approval of the restructure schemes on 3 October 2017. Ordinary shares in Namoi Cotton Limited will commence in trading on an ordinary settlements basis from 13 October 2017.
Mr Boydell said: “The restructure of Namoi Cotton represents the completion of an extensive amount of work for the Namoi Cotton business over a long period of time. I would again like to thank Grower Members and Namoi Capital Stockholders for their emphatic support of the restructure. The Board now looks forward to building this support under the new structure, guiding and repositioning the business for the longer-term future.”
Mr Jeremy Callachor, Chief Executive Officer, added: “We are extremely pleased to have reached this stage and look forward to growing the Namoi Cotton Limited business well into the future. We continue to work on the associated capital raising and completion of our interim financial accounts for the half year period ended 31 August 2017. The recent rains have been well received and the medium-term outlook further rainfall at this stage appears positive. These factors represent a wonderful opportunity and platform for our restructured business to embark on the full implementation of its strategic plan to reposition the business. We look forward to providing the market further communication regarding the capital raising as we move towards a potential issue date.”
For further information, please contact:
Namoi Cotton Co-operative Limited
Chief Executive Officer
(07) 4631 6104