AWB Ltd has finally succeeded in shedding its dual class shareholding structure with a 77pc vote in favour of the move at an extraordinary general meeting in Melbourne yesterday – the third such meeting held to try to decide the issue.
A previous EGM on August 21 was controversially adjourned when the vote to end A-class shares appeared likely to fall just short of the required 75pc majority of A-class shareholders.
Both AWB and opponents of the move campaigned furiously in the interim to persuade growers who hadn’t already voted.
This time 44pc of eligible A-class (grower) shareholders voted, up from 27pc at the previous meeting.
AWB has been lobbying extensively through key areas of the West Australian grain belt including an appearance at Dowerin Field Days by managing director, Gordon Davis.
It says the constitutional changes are critical if it is to be a competitive wheat marketer.
The reform plan split the board with four grower directors coming out publicly against the changes on the grounds they could erode grower loyalty.
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