Bean Growers Australia Limited is a public unlisted company limited by shares. There are 1,281,551 shares in Bean Growers Australia Limited.
Directors Update February 2018
BGA has been beset by what might be described as a ‘perfect storm’ that will almost certainly result in neither profit nor dividends for the 2017/8 year. Elements in this storm include the financial failure of a significant customer ‘Blue Ribbon Seed & Pulse Exporters Pty Ltd’, the reversal of the Indian pulse market as its government imposes additional tariffs to protect domestic production, which is suggested to be approaching self-sufficiency and BGA contracting decisions that, in retrospect, were too aggressive and weighted Mungbean purchase prices too heavily in favor of growers. Seasonal conditions also resulted in a disproportionate percentage of the Mungbean crop being of poor quality resulting in high grading costs and lower realizable value. To the extent the damage was self- inflicted; remedial actions have been put in place.
On a positive note, BGA’s domestic marketing operations continue to improve year on year although there has been a tightening of margins for some products.
Annual General Meeting 2017
The AGM was held 22 November 2017, and Chairman, Mark Adamson in sharing his Report on behalf of Directors spoke to the seasonal effects on crop production and world markets that had adversely impacted our operation and resulted in the recorded loss of $1.2M.
It was confirmed that no dividend was declared nor would be paid for the financial year 2016/2017. The Chairman reiterated that Bean Growers Australia continues to have a strong balance sheet and remains in a strong financial position.
All resolutions were carried which included the re-election of both Mark Adamson and Ian Broadfoot as Directors
Persons seeking additional information about shareholder matters should direct enquiries to Katrina Usher, Company Secretary, PO Box 328, Kingaroy Qld 4610, Phone: 07 4162 6120 Email: firstname.lastname@example.org