Australia’s largest genetics supplier Genetics Australia Cooperative is calling on all shareholders to vote to proceed on the sale of one of their properties known as Parwan Park Sout.
The 125-hectare property was purchased in 1986 and has been used as a quarantine facility for bulls prior to the admission to the Co-operative’s main collection and EU facility Parwan Park, based on the outskirts of the Bacchus Marsh township.
With recent changes to the land use in the Moorabool Shire the GA Board identified an opportunity to sell to a property developer for $14.65 million and, according to Gippsland dairy farmer and GA Chairman Trevor Henry, it provides a fantastic opportunity for the Cooperative and one not to be missed.
“Board and Management have been through an exhaustive process to ensure all the financial, legal and taxation issues have been assessed and we have agreed to purchase subject to shareholder approval” he said.
“Under the conditional contract of sale, the property will remain in the control of the Cooperative for 5 years with final settlement in 60 months so we have commenced a process to explore options for alternatives to the current property use but the sale will not hamper the current or future operations of the Co-operative”.
“A letter has recently been sent to all shareholders and we are seeking their approval to vote in favour of the Board’s recommendation. Ballot papers need to be returned to the Co-operative by 12pm Thursday 21st June”.
Mr Henry said if the shareholder vote is successful the proceeds of the sale will give the Cooperative options to invest in emerging technologies and changes to infrastructure into the future that will benefit all shareholders.