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AusBulk ABB Merger Agreement
SYDNEY - May 10/04 - SNS -- Australia's barley marketing board, ABB Grain Ltd (ABB), AusBulk Ltd (AusBulk) and United Grower Holdings (UGH) announced a merger proposal today which would see AusBulk and UGH, which holds 53.5% of AusBulk, become wholly owned subsidiaries of ABB.
The merger proposal will be given to shareholders August 20 and is expected to be completed by September 30.
The merged entity will continue to be listed on the ASX and retain the name ‘ABB Grain Ltd', along with ABB's established system of grain growers owning A-Class shares and public shareholders (including growers) owning ASX-quoted B-Class shares.
Perry Gunner, currently deputy chairman of AusBulk, will be chairman of the merged entity. Michael Iwaniw, currently managing director of ABB, will continue in this role for the merged entity.
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