Australia: Share purchase plan - opportunity to boost stake in company
One of the announcements made at ABB Grain’s annual general meeting last month was the decision to allow B-class shareholders the chance to buy extra shares in the company.For growers who are B-class shareholders this is a prime opportunity to increase their stake in a company for which they are predominant shareholders.
ABB Grain’s Share Purchase Plan enables growers (and other B-class shareholders) to buy up to an additional $5000 worth of shares, at a discount of 2.5%.
The discounted price of $7.61 was based on the weighted average price of shares on the Australian Stock Exchange on the five days immediately before, and inclusive of March 3, 2006.
Shareholders will be restricted to purchasing parcels of 200 shares, 400 shares or 650 shares. Multiple shareholdings held by the same shareholder, or shareholders distinguished only by cosmetic differences or different address details on the share register, will be limited to the purchase of only one parcel.
Purchase of the shares under the plan is also free of any brokerage and share transaction fees that trading of shares normally attract.
ABB currently has some significant capital works projects underway, including a $100 million deep sea grain terminal at Outer Harbor which will be completed in December next year.
So, by investing in the company growers are also supporting a project that will increase the state’s competitiveness and deliver dividends in blue water freight savings.
Details of the Share Purchase Plan were sent out to all B-class shareholders from March 15, and shareholders have until 5pm (Central Standard Time) on April 12 to lodge their applications for additional shares.The shares will be allotted on April 19.
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