According to the reports released by the rice processing company that a booklet on the restructure would include an independent expert’s report and advantages and disadvantages of the proposal. In this regards, Laurie Arthur Chairman of Sun foods narrated that SunRice would run a series of roadshows in February and March before a vote is taken on March 16. He also stated that the capital restructure process has been comprehensive, with significant time and resources invested to deliver enduring grower shareholder control, while offering B Class shareholders the potential to unlock greater value for their investment in SunRice. He also said that the way we fund SunRice’s future growth and build an Australian-controlled food company of scale that can compete in global markets for the benefit of all growers and shareholders and SunRice also released its half-year financial results.
Further in this regards, SunRice Chief Executive Rob Gordon said that the half-year profit was underpinned by continued growth of branded sales and operational improvements. He expected strong financial performance to continue, with full-year profits to be similar to last year’s result of $49.2 million, depending on market conditions and exchange rate movements. It has been revealed that they continue to actively execute our stated strategy to focus on premium branded markets and to build capacity and capability across the organization. In this regard, further investments were made in Deniliquin and North Queensland during the half. Due to this, SunRice’s gearing level of 61.8 per cent at the end of the half was comparable to gearing at the end of half-year 2015 (63 per cent). Further it also estimates that SunRice is forecasting this season’s paddy rice price for the medium grain reiziq variety to be $385-$405 a tonne. Gearing levels throughout the year are seasonally timing of the annual rice crop harvest and payments to growers.