In April 2011, Bega Cheese shareholders approved resolutions to change its constitution so that the company could proceed to an IPO.
At the time, executive chairman Barry Irvin said: “The resolutions were overwhelmingly supported by our farmer shareholders. Bega Cheese shareholders have a wonderful record of embracing change and looking to the future. They have collectively been the engine room of what has become a beacon in the Australian dairy industry.”
He said the decision marked an important step in Bega Cheese’s history: “In what is a continuing story of growth and development, Bega Cheese has revenues in excess of $800m, key customers in dairy giants Fonterra and Kraft and a substantial export business into Asia and the Middle East.”
Irvin said the listing would create a new level of financial strength for existing shareholders while positioning Bega Cheese for the opportunities that would come from industry rationalisation and the international dairy market place.
Source: Bega Cheese/The West Australian
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