The region’s crop still has wet feet and is way behind. The loss of plant crops has set the region back 12 months and there is now an urgent need for seed cane.
Mackay Sugar plans to have three mills operating by the end of May, probably starting with Farleigh. As in other regions there is a farmer cash flow shortage.
On 21 April 2011 Mackay Sugar addressed its vision to create a ‘large Australian grower-controlled sugar entity’. In a notice to shareholders, Mackay Sugar announced that it is fast progressing with the development of a proposal to Tully Sugar shareholders that would see the merger of Tully, Mossman and Mackay sugar mills.
A steering committee comprising two representatives from Tully Sugar, Mackay Sugar and Mossman Central Mill was established in March 2011 to handle negotiations between parties involved with the potential merger.
‘Mackay Sugar is looking to increase its shareholding in Tully Sugar and present its merger proposal ahead of the impending Tully Sugar shareholder vote, set to occur at a shareholder meeting on May 18.
‘The meeting will consider a resolution to amend the Constitution of Tully Sugar to remove the current restriction on any party acquiring more than 20% of shares in the company. Such a change would make it possible for any party to acquire an interest in more than 20% of shares in the company.’