MGC Update On Settlement with ACCC

  • Nov 09, 2018 AEDT
  • Team Kalkine
MGC Update On Settlement with ACCC

In relation to the ACCC proceeding against MG in the Federal Court of Australia, Murray Goulburn Co-operative Co. Limited (MG) has agreed a settlement in principle with the Australian Competition and Consumer Commission (ACCC) where the settlement is subject to federal court approval.

MG and former Managing Director Mr. Gary Helou contravened the Australian Consumer Law in the period 29 February 2016 to 27 April 2016. The ACCC will apply to the Federal Court seeking declarations in relation to representations made regarding the FY16 farmgate milk price.  

Against MG and Mr. Helou, the ACCC will seek a pecuniary penalty against Mr. Helou and costs orders. MG and Mr. Helou will agree to the contraventions and the costs orders against each of them under the settlement and Mr. Helou will agree to the proposed penalty. MG confirms that the ACCC will not seek a penalty against the company.

Murray Goulburn is pleased to have reached an agreement with the ACCC on this matter, MG Chairman, John Spark said. For court approval of the settlement the matter is due to come before the Federal Court.

The ACCC reached an agreement with MG’s former Chief Financial Officer Mr. Bradley Hingle, to dismiss its proceeding against Mr. Hingle.

For the year ended 30 June 2018, the Unit Trust reported nil profit after income tax similar to the 2017 $nil. The distribution to unitholders on 15 May 2018, represented a return of capital from Murray Goulburn of 0.80 cents per unit following completion of the agreement for the sale of the Saputo transaction. The value of Unit Trust assets at 30 June 2018 of $52,057,745 compared to the 2017 asset of $132,315,558 were valued at fair value through profit or loss. That financial report is available on the parent entity’s web site and has been released to the Australian Securities Exchange (ASX) in conjunction with this report

MGC traded at a market price of $0.310 with a daily price change of -3.125% which is near to its 52-week high. The stock over the 12 months period has seen a performance change of 159.14% and 3.23% over the past 1 month. The market capitalization of the stock is $69.41 million with 216.91 million as number of shares outstanding.


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