Join our daily newsletter At The Bell to receive exclusive market insights
- United Malt Group’s demerger from GrainCorp (GNC) has finally become effective
- Now, the group will become a new listing on the Australian Securities Exchange (ASX)
- The Federal Court of Australia has approved this scheme, so the demerger is will be settled by next Wednesday
- GrainCorp Directors Graham Bradley, Barbara Gibson, Simon Tregoning and Jane McAloon will all step down from the Board and move to United Malt
- The company also said its CEO, Mark Palmquist, will resign when the demerger is implemented
- Robert Spurway has been appointed the new Managing Director and CEO of GrainCorp
- On the back of the news, GrainCorp is down 53.8 per cent on the market, trading at $3.20 per share
United Malt Group’s demerger from GrainCorp (GNC) has finally become effective. Now, the group will become a new listing on the Australian Securities Exchange (ASX).
The news comes after the Federal Court of Australia approved the scheme. The demerger is expected will be settled by April 1.
Shares in United Malt are expected to commence trading today under the ASX code “UMG,” initially on a deferred settlement basis.
GrainCorp Directors Graham Bradley, Barbara Gibson, Simon Tregoning and Jane McAloon will all step down from its Board and move to United Malt Board.
The company also said its CEO, Mark Palmquist, will resign when the demerger is implemented.
“The GrainCorp Board would like to take this opportunity to thank Mr Bradley, Mr Palmquist, Ms Gibson, Mr Tregoning and Ms McAloon for their valued contribution to GrainCorp and wish them all the best in their future endeavours,” the company said.
Robert Spurway has been appointed the new Managing Director and CEO of GrainCorp.
On the back of the news, GNC is down 53.8 per cent on the market this afternoon, trading at $3.20 per share at 1:38 pm AEDT.
