Proposed Demerger of United Malt from GrainCorp Limited
On 4 April 2019, GrainCorp announced its intention to demerge its international malting business, United Malt, subject to shareholder and other approvals. The proposed Demerger will result in two independent ASX-listed companies:
- United Malt, an international malting and craft brewing distribution business; and
- GrainCorp, a domestic and international grain handling, storage, trading and processing business focused on grains, oilseeds, pulses, edible oils and feeds.
The GrainCorp Board believes the Demerger will unlock significant value for GrainCorp shareholders by establishing two ASX-listed agribusinesses that are well-positioned for growth.
The Demerger must be approved by the Requisite Majorities of GrainCorp Shareholders. Shareholders are encouraged to vote on the Demerger Resolutions in person, by proxy or by attorney at the Demerger Scheme Meeting and the General Meeting, which will be held consecutively on Monday, 16 March 2020 at the Hilton Hotel, 488 George Street, Sydney NSW 2000, beginning at 10:00am.
The GrainCorp Directors unanimously recommend that GrainCorp Shareholders vote in favour of the Demerger Resolutions. The Independent Expert has also concluded that the Demerger is in the best interests of GrainCorp Shareholders.