Agricultural MIS schemes facing termination
Specialist agricultural managed investment scheme (MIS) company RuralAus Investments has signaled the possible termination of its schemes in line with grower sentiment.
The company announced to the Australian Securities Exchange (ASX) that its possible move had followed a meeting of growers in all five of its MIS arrangements late last month "to consider the ongoing viability of the schemes".
"Whilst no resolution was put to the meeting, growers who attended were given the opportunity to question the ongoing viability of the schemes and ask other questions of the Responsible Entity and RuralAus as plantation manager," the announcement said.
It said a "straw vote" at the meeting had indicated an "overwhelming majority of growers elected to terminate the schemes".
The announcement said that in line with the Corporations Act, the Responsible Entity had written to all growers advising that unless at least 5 per cent of growers in a particular scheme requested a grower meeting be held within the next 28 days, the RE would begin the process of terminating the schemes in the first week of January.
The announcement said RuralAus had offered to pay half the lease and management fees paid for the 2012/13 financial year if the schemes are terminated.
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