Sucrogen warns Proserpine it's 'now or never'

 It’s “now or never” for Proserpine’s cane farmers according to Sucrogen CEO Ian Glasson, who says his company will not come back if the vote goes down on October 27.

 “We stayed in this process the first time because it was such a close vote, but a second “no” vote gives us a very clear message we’re not wanted. Our offer expires in October at the end of the (second) vote,” Mr Glasson said.

 Mr Glasson, who arrived in Proserpine on Sunday, said growers who focussed on a potential bidding war were playing a “dangerous game”.

 “It’s a bit like playing Russian roulette. They (the members) pulled an empty chamber because we happened to come back, but we’re not going to do that again. Quite simply a bird in the hand is worth an extra $2.8million in the bush,” he said.

 Mr Glasson has spent much of the past three days talking with growers, mill employees and members of the community, taking questions on topics such as the no-shop clause, asset sale agreement, warranties, and how Sucrogen came up with the magic “$115million” bid.

 Mr Glasson reiterated that $115million was a “fair and reasonable” price for a mill that requires a lot of work.

 “I’m sorry. I can’t put another $5million on the table. We’re business people. There isn’t more money to come. We understand mills. We’ve got to get a return on our investment. Beyond that we don’t make money,” he said, reminding members that after the crush the mill “starts to bleed $3million a month”.

 On the matter of denying access to other bidders, Mr Glasson said there was “absolutely a fair chance”.

 “We got rid of it (the no-shop clause). We stood aside and allowed Proserpine’s board to engage with Cofco. I understand Cofco looked at some 1,300 documents, which is more than us. I haven’t seen any of the Cofco offers but the advice from the independent experts is they still have not put a binding offer on the table.

 “The board are obliged to consider a binding offer. There isn’t one. If there’s a better offer you’re free to take it but the offer here is ours,” he said.

 “It’s very clear that if Cofco want to buy the business they need to make a firm, binding offer like ours,” he said.

 And finally, Mr Glasson said, “I don’t want to be party to something that’s destroying the community”.

 “I genuinely believe there is 75 per cent of people who can see the benefits of this so it would be very disappointing to see the vote go down

 “We want to buy it (the mill). We’re serious. Either say yes, or put us all out of our misery and good luck!”