14 April 2011
MEDIA RELEASE
SOUTHERN AGVENTURE ANNOUNCES INTERIM DIVIDEND EXTENDS SHARE OFFER
Farmer owned company, Southern Agventure Limited, has announced an interim dividend of 10 cents per share, fully franked.
The dividend, to be paid to shareholders on the register as of April 1, recognises the strong performance of the company since its establishment in October 2009. The 2010/11 harvest produced substantially increased tonnages for grain growers across the region. This resulted in a five fold increase in tonnages over the previous year for Southern Ag Grain, Southern Agventure's 50/50 joint venture with the Emerald Group. Southern Agventure expects to see commensurate profit increases resulting in a greater distribution from this joint venture.
Southern Agventure's Chairman, Dick Thompson, said:
"The interim dividend payment reflects our commitment to make a difference and return the benefits of our activity to our farmer shareholders.
"Our aim is to be involved in the agriculture supply chain on a commercial basis to facilitate competition, market access and to return a greater share of the profits from agriculture production to farmers and their local communities."
Southern Agventure has 165 farmer shareholders in southern NSW. It is the initiative of a group of farmers concerned over their lack of influence in the supply chain and concern over the future of rural communities.
The Company has a share and options offer via a Prospectus in the market seeking additional investors. Parcels of 5,000 shares at $1.10 are available to new investors. Options to purchase additional shares at a discounted price of $1.00 are also on offer to existing shareholders.
Originally closing on April 14, the offer has been extended until July 7 2011.
"The Board decided to extend the offer closing date in view of the extremely wet and flooding conditions experienced across the region which severely extended the harvest period," Mr Thompson said.
"This meant that farmers, growers and other business operators who support the industry had less available time to consider the offer.
"A Supplementary Prospectus has been issued explaining the interim dividend and offer extension."
Southern Agventure's offer is to increase the overall number of farmer shareholders and the geographic coverage of the company to an area roughly 250 km radius of Wagga Wagga, and to provide funds to analyse and develop detailed business cases for opportunities in grain storage and logistics, prime lamb finishing and marketing, farm input supply arrangements and carbon sequestration.
The new offer closing date is July 7 2011.
Details are available on www.southernagventure.com.au. The Prospectus and Supplementary Prospectus can be downloaded from this site.
Ends
For more information: Call Geoff Breust, (02) 6932 4404 or 0417 698336