29/04/2009 - 11:43

Futuris to trade as Elders tomorrow

29/04/2009 - 11:43

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Agribusiness and automotive components supplier Futuris Corporation will begin trading on the Australian Securities Exchange (ASX) on Thursday under the old Elders name.

Agribusiness and automotive components supplier Futuris Corporation will begin trading on the Australian Securities Exchange (ASX) on Thursday under the old Elders name.

Elders last traded on the ASX on March 14, 1997, after which it was wholly-owned by Futuris.

Futuris shareholders approved the name change in March.

The company's new ASX ticker code will be ELD.

Futuris is restructuring its operations around its principal division, Elders rural services.

More than 80 per cent of Futuris's business is conducted under the Elders brand name.

Futuris decided to change its name to Elders to reflect its focus on rural and regional businesses.

The company is divesting assets unrelated to agriculture.

The company also has changed its year-end balance date to September 30 to provide better alignment with seasonal trading patterns and consistency with other agricultural companies.

Futuris shares were 0.5 cents lower at 41 cents at 1105 AEST on Wednesday.

This week, Futuris did not to proceed with the sale of a 19.99 per cent shareholding in Australian Agricultural Company (AACo) to Alan Myers QC.

AACo failed to secure majority shareholder support for the proposed acquisition by AACo of the Tipperary and Lichfield cattle stations from Mr Myers.

Mr Myers had planned to use proceeds from the sale of the cattle stations to buy Futuris' 19.99 per cent stake in AACo.

Futuris holds a 24.99 per cent interest in AACo, 5 per cent of which is the subject of a sale agreement with Dubai-based IFFCO, which holds a 14.9 per cent interest in AACo.

The 5 per cent sale is due for completion today.

 

 

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