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Tuesday 30 May 2017 by FIIG Research

Company updates

Mackay Sugar update

Mackay Sugar to proceed with $2 levy

Following last week’s Board meeting as well as support from industry bodies Canegrowers Mackay and the Australian Canefarmers Association, Mackay Sugar (MS) will amend cane supply agreements to implement the $2 per tonne levy. The company release can be found here. External link - opens in a new window

Some growers provided formal notification that they are not represented by Canegrowers and ACFA, and will be acting as their own bargaining representatives. Those growers are no longer part of the collective agreement, and meetings will be scheduled with these growers to review the terms of their agreements in the coming days.

We will continue to have regular meetings with MS, and the company will also continue to post updates to its website.

Reference information:

Our note on the restructure and the potential impact to bondholders
Original grower presentation on the KW report
Second KW grower presentation
MS’s website where all updates are posted

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