General Meeting at which over 98% of AWS shareholder votes supported the motion for the companies to integrate. Some 10% of AWS' 36,000 shareholders voted at the meeting or via proxy to record their approval.
“This is a momentous day for our shareholders, the AWI shareholders, both Boards, both staff teams, Woolmark licencees, and the Australian wool industry, AWS and AWI industry partners all over the world,” said AWS Chairman, Barry Walker.
With $15 million from the Australian Minister for Agriculture, Peter McGauran, AWI has bought: • A 100% interest in The Woolmark Company. • The Woolmark Company assets, including the Woolmark certification trade mark and associated brands and trade marks, the Woolfleece unregistered trade mark and associated brands, the Sportwool and Woolscience technology businesses and trade marks, and the Woolmark licensing business. • The market intelligence business. • The Optim technology business and other working assets of AWS, including stock and plant and equipment.
“The shareholder's support for the sale means we can now formally implement the transition between the two companies.” Mr Walker said, “The legal and financial tasks needed to complete the transaction are expected to take a few weeks and we expect that the sale will be completed by 30th September.”
“As Chairman, I feel it is my major responsibility to see this process through to its natural conclusion,” he added.
“Therefore, while I will not be seeking nomination to the AWI Board, I will offer myself for reelection to the Board of AWS at the AGM in November this year. I also offer to Ian McLachlan and the Board of AWI every assistance I can in integrating the two businesses to the benefit of the Australian wool industry, both in the short-term during the transition period and in the longer term."
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