Rice

Growers back ASX listing for SunRice as drought shows value of Vietnam supply

20 September 2018

Brad Thompson, Australian Financial Review
20 September 2018

SunRice management believes drought and water shortages played a part in shareholders voting overwhelmingly in favour of an industry-defining listing on the Australian Securities Exchange.

The board-backed move was endorsed at the company’s general meeting in Jerilderie on Thursday as a means to accelerate the company’s expansion into rice production in Vietnam and California.

SunRice aims to have its B-class shares listed on the National Stock Exchange transferred to the ASX before the end of the calendar year, with the board to flesh out details of an associated capital raising in the order of $30 million over the next few weeks.

The ASX listing is expected to deliver a big windfall for B-class shareholders, with 92 per cent voting in favour.

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