Sweet! Mill sale to Wilmar subsidiary approved, finally

Proserpine creditors will be paid in full before Christmas.

Sucrogen, the Australian-based sugar subsidiary of Wilmar International Limited, will be the new owner of Proserpine Sugar Mill after a majority of Proserpine creditors, by number and value, voted to approve Sucrogen’s purchase of the mill.

The offer comprised a headline price of A$120 million, plus a working capital adjustment, normal settlement adjustments, as well as absorption of the mill’s normal operating costs and certain critical capital expenditure incurred from 31 October 2011.

Sucrogen CEO Ian Glasson, however, said that while Sucrogen was pleased to finally purchase the mill, it was disappointing the sale was not possible before the Co-operative was placed into voluntary administration.

“The negative campaign Tully ran to derail the first two member votes has, ultimately, cost members a substantial amount of money in administration and legal fees,” said Mr Glasson.

He said that critically it has also delayed capital and maintenance at the mill.

“However, the transition to Sucrogen management and leadership will begin immediately and we will hit the ground running next week and do our best to ensure the mill is ready for the start of 2012 season, despite the lengthy delays,” said the CEO.

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