On 15 January 2019, Murray Goulburn Co-operative Co. Limited (MG) highlights the cash, bank deposits, and interest accrued as at 31 December 2018 for the MG consolidated group where the group has restricted cash at bank worth $5 million. The cash at bank and the term deposit with the bank are worth $265.319 million which has an accrued interest of $0.803 million. The total cash in hand and cash at the bank by 31 December 2018 was $271.122 million. The company has approximately 554,665,638 units of shares on issue with an issue price of $0.49 per unit of share.
The announcement further clarifies that total cash balance excludes other sundry assets and liabilities like prepayments or creditors. The restricted cash is the required base level funding that needs to be maintained by the MG Responsible Entity Limited as per the Australian Financial Services License.
The official listing of the MG Unit Trust (ASX: MGC) on ASX was 3 July 2015, where the performance of the trust is -19.97%. Its last one-year performance was 113.42%.
The Unit trust reports a nil profit after tax after the year ended 30 June 2018. The trust made an initial distribution of A$0.80 per unit to its unitholders on 15 May 2018. The value of assets of the trust by the end of 30 June 2018 was $52,057,745.
Earlier on 17 December, based on the inquiries of the insurance advisors, MG, to reduce the future insurance premium, have proposals to get the trust de-listed from the ASX. In this regard, prior approval from the Board of MG Responsible Entity Limited will be taking approvals from the unitholders.
Based on the inquiries of MG, in case the trust wound’s up, then the ongoing annual insurance premiums and the final insurance premium will have a significantly lower value.
As the MG Unit Trust is on a verge to get de-listed from the ASX, it might be possible that the investors and unitholders have started withdrawing their investments into the trust. As a result, there is a fall in the MGC’s share price by 1.818%.
With the market open on 15 January 2019, the opening price of the share was A$0.280 which is also the day’s highest price. The lowest for the day was A$0.270. The closing price of the share was A$0.270 which is 0.005 points below its previous trading day’s closing price with the market capitalization of A$59.65 million.