Proserpine Sugar’s chairman of the board Lou Raiteri says claims made by Mackay Sugar regarding the mill sale process are misleading.
Yesterday afternoon Sucrogen officials came to town to meet with growers at the entertainment centre. There will be another meeting this morning.
“As part of the process to find an equity investor,. our advisers approached a number of parties including Mackay Sugar to gauge their interest in investing in Proserpine Mill.
“Mackay Sugar has never made an offer for Proserpine Mill for the board members to present to our members.
“Mackay Sugar is currently engaged in a high profile and highly competitive bidding war for Tully Sugar with no certainty it will be successful. Mackay sugar’s argument for an all-Australian sugar milling group is highly reliant on them making a successful bid for Tully Sugar.
Mr Raiteri says by comparison, Wilmar International has made a firm cash offer of $115m for Proserpine Mill.
“After a rigorous review process, the board believes the offer from Wilmar would provide members with greater certainty and a range of benefits,” he said.
Sucrogen’s CEO Ian Glasson told growers yesterday this sale was far bigger than just the purchase of the mill.
“We will build a strong industry for future generations. It doesn’t stop with the purchase of the mill,” Mr Glasson said.
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