AWI – AWS merger update
AWI and Australian Wool Services (AWS) are continuing with integration despite the process being extended beyond 30 June. AWS chairman Barry Walker says that AWS is concluding its arrangements with the IWS Pension Fund, and this is taking longer than originally expected.
“Upon finalisation of our financial arrangements, AWS will advise shareholders of the earliest possible date for a general meeting,” he says. “This general meeting will give shareholders the opportunity to vote on the integration with AWI.”
AWI chairman Ian McLachlan says he believes the target date for integration will now be 31 August. “The Australian Competition and Consumer Commission (ACCC) has cleared the integration, citing no competition issues,” he says.
Mr McLachlan reiterated to shareholders, business partners, Woolmark licensees and all those who have a stake in the Australian wool industry that this integration is critical for the industry to move forward.
“The structure and commercial interests of AWS cover many countries and markets,” Mr McLachlan says. “The goal is to ensure a smooth and ordered transition of particular assets from AWS to AWI, and in order to do this there are a number of formal processes AWS must complete before the integration can be successful.
“Both companies are committed to integration, and significant work is being done to create one organisation to lead the research, development and marketing of Australian Merino wool. Once the integration has taken place, we can all focus on building a world-class organisation and secure Australian Merino’s world-leading position in the global wool market.”
Mr McLachlan says the wool industry, shareholders, business partners and the Australian Government will continue to be kept informed of all developments.
Return to Beyond the Bale Issue 29 index page.