MG announces dividend July 2011
Share dividend provides further cash injection for Murray Goulburn suppliers
Murray Goulburn Co-Operative today informed its supplier/shareholders that Directors had declared a full year dividend of 12% on Ordinary Shares held by suppliers.
In a letter to suppliers Managing Director Stephen O’Rourke said that the dividend combined with the previously issued bonus of one ordinary share for every ten ordinary shares held by suppliers in Murray Goulburn Co-operative, meant that MG suppliers have, in effect, received a total combined return of 23% on their shares during 2011.
“This dividend continues Murray Goulburn Co-Operative’s strong record of dividend payment and represents an extremely important component of your total return from supplying and owning Murray Goulburn.
Mr O’Rourke said that in the past six years the dividend had been 12% in five of those years and 8% in 2009 following the global financial crisis.
“The 1 for 10 bonus issue in April 2011 reflected the growing value of the Co-operative and recognised the loyalty of dairy farmers who had supported Murray Goulburn through some difficult seasons.”
The dividend announcement represents $26 million in payments to Murray Goulburn Co-Operative farm businesses and followed the recent July milk payments worth $160 million including the final step-up.
“These milk payments and dividends provide important cashflow for Murray Goulburn dairy farmers who are seeking to consolidate the position of their farm businesses,” Mr O’Rourke said.
“Importantly the combination of these two recent announcements has injected almost $190 million into our regional economies.”
