THE new president of Western Australia’s Pastoralists and Graziers Association claims short-sighted local grain growers have succeeded in ‘beaching’ their handling cooperative, CBH Ltd, limiting the prospects for reform within the group. PGA President, Rob Gillam said the recent CBH Group election had shifted the balance of power on the new CBH board to retain it as a cooperative structure. “The result is that CBH will wallow into a competitive new era of grain handling and marketing like a beached whale in shallow water, waiting for the sharks to rip off the pieces they want.” Mr Gillam believed that CBH would quickly run out of funding options and probably be forced to keep grower tolls in place to finance its future operations. “Because CBH will now not be corporatised it will be seriously restrained in obtaining the funds it needs to grow and compete, and growers will not have access to equity estimated at close to $2 billion. “That is equity growers should be able to use as vital collateral for their business, or to capitalise if they leave the industry or need funds in an emergency.” CBH Group former chairman Richard Sewell failed in his re-election attempt this month, replaced by Vern Dempster.
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26/03/2008 - 22:00
In Brief: CBH election will kill reform – PGA
26/03/2008 - 22:00
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Exporters
Rank Company # 8th Talison Lithium $5.57bn 9th Alcoa of Australia $5.32bn 10th CBH Group $5.10bn 11th Mineral Resources $4.00bn 12th CITIC Pacific Mining $3.96bn 47 exporters ranked by WA export revenue most recent financial year -
Not For Profit Businesses
Rank Company # 1st CBH Group $6.01bn 2nd St John of God Health Care $2.05bn 3rd HBF $2.00bn 4th RAC $1.39bn 5th Catholic Education Western Australia $1.24bn 115 not for profit businesses ranked by WA revenue most recent financial year
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