Hope on the horizon for Proserpine's canegrowers after voting the Sucrogen offer down

A week has now passed since Sucrogen’s $115million bid for the Proserpine Sugar Mill was voted down, but hope may be on the horizon.

 By ten past nine the meeting was over. Some 50 stunned farmers listened while board chairman Lou Raiteri announced that the Sucrogen deal had gone down - before rushing from the entertainment centre without answering questions.

 Outside the venue, small groups of farmers - some who voted yes and others who voted against the sale - discussed the future of the mill and what they thought would happen next.

 Warren Watts and Ambrose Vickers agreed many of the growers had been bullied into voting.

 “We’re disgusted with how it has all been handled … there has been so much secrecy,” Mr Watts said.

 Andrew Stuart was talking with Ian Greenwood who has been supplying the mill for just under 100 years.

 “We’re elated with the way the vote went. At least now it might have opened it up for bidding. Given everyone a fair chance now,” Mr Greenwood said.

 Just hours later, the Guardian understands a meeting occurred between Proserpine and Cofco-backed Tully Sugar, who said they respected the growers’ decision in voting the Sucrogen offer down.

 COFCO Australia deputy chairman Mr Keith De Lacy said Tully Sugar would immediately engage with the Proserpine Board (now that the Sucrogen offer restrictions had been removed) to ensure the loan facilities to support the mill were put in place as soon as possible.

 “We’ve had a meeting with the board – it was a very constructive meeting. They’ve given us access to due diligence and we believe we can work well together in going forward,” Mr De Lacy said on Wednesday afternoon, adding, “We’ve got no intention of precluding any other bids. It’ll be an open process from here on”.

 Meanwhile the Proserpine board has been ominously silent since the results of the ballot were announced.  Yesterday the board issued a short statement to members announcing it had been able to “stabilise the Mill’s financial situation until at least this Friday 9 September through a combination of initiatives.”

 Acting CEO Ian McBean says under the interim arrangements that have been agreed, the Sucrogen loan is now not payable until after Friday.

 “In the meantime, the Board is talking to a number of parties with the intention of bringing another option to Members by the end of this week.”