Murray Goulburn Co-operative Co. Limited (MG) is an unlisted public company incorporated in Victoria.
On 1 May 2018, MG completed a transaction to sell all of its operating assets and operating liabilities to Saputo Dairy Australia Pty Ltd (the ‘Asset Sale’), a wholly owned subsidiary of Saputo Inc. (which is a Canadian-based public company whose shares are listed on the Toronto Stock Exchange).
Following the Asset Sale, MG has limited operations and is focused primarily on managing retained litigation associated with current regulatory proceedings and class actions. MG is also responsible for meeting corporate and financial reporting obligations.
MG owns MG Responsible Entity Limited, which is the trustee of the MG Unit Trust. The MG Unit Trust is listed on the ASX.
After the conclusion of the retained litigation, it is anticipated that MG will be wound up and a final distribution of the balance of the Asset Sale proceeds (if any) will be made to Shareholders and Unitholders.
Murray Goulburn Co-operative Co. Limited (MG) was formed in 1950 when a group of 14 dairy farmers formed the basis of the Murray Goulburn co-operative with a view that they needed to combine their efforts to improve milk returns. MG grew to become a leader in the Australian dairy industry collecting milk from dairy farmers across Victoria, New South Wales, South Australia and Tasmania. With processing facilities across Victoria, NSW, Tasmania and China, MG manufactured and marketed a full range of dairy and nutritional products such as cheese, milk powder, butter and fat, drinking milk and liquid milk products, nutritionals and value-added products, such as infant formula.
In 2015, MG implemented a capital structure through the public listing on the ASX of the MG Unit Trust. The capital structure maintained 100% farmer control, but allowed external investment through the Trust, which had economic interests, but no voting rights in MG.
Following a sustained period of significant challenges for the co-operative, based on an extensive strategic review of the business, the decision was made to sell MG’s operating assets and operating liabilities to Saputo. The transaction was approved by shareholders on 5 April 2018 and concluded on 1 May 2018.
Saputo Transaction Documents
2018 Extraordinary General Meeting
Murray Goulburn’s Extraordinary General Meeting was held at the Melbourne Convention and Exhibition Centre on Thursday 5 April 2018.
A webcast replay of the Extraordinary General Meeting is available online: https://edge.media-server.com/m6/p/rhjrb2da
The Explanatory Memorandum (EM) document contains information on items including:
the proposed sale of all of MG’s operating assets and operating liabilities to Saputo Dairy Australia Pty Ltd (Asset Sale);
key dates relating to the EGM and completion of the Asset Sale;
information on Saputo;
key terms of the Milk Supply Commitments to MG suppliers; and
an Independent Expert’s Report prepared by Grant Samuel & Associates.
The EM also contains a Notice of Meeting, which provides an explanation of the resolutions to be voted on at the Extraordinary General Meeting and voting information.
Frequently Asked Questions
There are some Frequently Asked Questions on pages 10 to 18 of the EM. Click here to access the EM.
If you have questions, please call the Shareholder Information Line on 1300 477 596 (within Australia) or +61 94154293 (outside Australia), available Mondays to Fridays from 8.30am to 5.00pm.