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Demutualisation
News
11
March 2005
Golden Circle's Demutualisation
The demutualisation is again in the news where moving
forward and future growth and profitability for a co-operative is equated
with demutualisation. In contrast, large co-operatives elsewhere in the world
reject demutualisation.
Why do these large co-operatives still support their co-operative structure despite their strength and market share?
Read an earlier Golden Circle news release on its demutualisation.
20 November
2004
Demutualisation
Consequences
Coca- Cola Amatil is making a bid for former co-operative
SPC Ardmona - this is the logic of demutualisation. There is no protection from
foreign ownership once a co-op demutualises.
17
February 2004
Warrnambool Cheese and
Butter Factory Demutualises
A meeting of shareholders voted on demutualisation and listing on the Australian
Stock Exchange - of shares voted, 86.12% approved and 13.88% oppoosed.
News release: WCBF - WCBF WINS SHAREHOLDER APPROVAL
TO LIST
Warrnambool Rationalizes Demutualisation
WCBF
Board To Try Again,
News
release: David Karpin to lead WCBF Board,
2 December 2003
Article:
Defeating Demutualisation, 10 July 2003
26
January 2004
Warrnambool Rationalizes
Demutualisation
The board of the Victorian-based Warrnambool Cheese and Butter Factory has
released an Explanatory Memorandum to explain a resolution to be considered
at a general meeting on 16 February 2004.
WCBF
Board To Try Again, 5 January 2004
News
release: David Karpin to lead WCBF Board, 2 December 2003
Article:
Defeating Demutualisation, 10 July 2003
22
January 2004
Co-operative Threat
The Mildura Co-operative Fruit Company has rejected a takeover bid by the Mildura
Investment Company.
The co-operative has more than 2000 members.
05
January 2004
WCBF Board
To Try Again
The
Victorian-based Warrnambool Cheese and Butter Factory is once again going
to try demutualisation
Previous
stories:
News
release: David Karpin to lead WCBF Board, 2 December 2003
Article:
Defeating Demutualisation, 10 July 2003
24
December 2003
Demutualisation Reward
Incitec
Pivot shareholders at a meeting on 19 December 2003 agreed to increase the
annual fees payable to non-executive directors from $600,000 to $I million.
The Chairman, John Watson, told the meeting the increase was needed to bring
the company into line with companies of a similar size and director responsibilities.
The company has just posted a net loss of A$18.6 million.
Pivot Proposes Demutualisation
20
December 2003
David Karpin to
lead WCBF Board
The
Warrnambool Cheese and Butter Factory has appointed its first non-supplier
chairman.
Previous story on failed attempt by board to demutualise.
04
November 2003
Demutualisation Defeated Just
The proposed demutualisation of the Connect Credit Union has been defeated.
News release - Connect
News release - CUSCAL
Previous story on
Connect
The Connect proposal for demutualisation
31
October 2003
Prospects for Australian Building Societies
and Credit Unions
The KPMG annual report on building societies and credit unions - that includes
the thought that more credit unions and building societies may seek to demutualise.
The KPMG web site
29
October 2003
Demutualisation
of Credit Unions
The significance of a demutualisation approval process
being recommended to its members by the Australian National Credit Union
Ltd.
17
October 2003
Australian Government
support for demutualisation.
The Australian Government has
announced changes to benefit investors, small business and charities - including
taxpayers who receive shares in connection with the demutualisation of friendly
societies.
The issue of what can and should be done about demutualisation
is fundamental to the future of the mutual sector in Australia - co-operatives,
credit unions and friendly societies.Stopping
Demutualisation
Dr. Race Mathews on Looting Mutuals
Dr. Race Mathews on credit unions and demutualisation
Dr. Race Mathews on credit unions in a globalised economy
22
September 2003
A
Future or No Future - Credit Unions
in a Globalising Economy
A new paper by the Hon. Dr. Race Mathews delivered at the 41st Annual Conference
of the NZ Association of Credit Unions, Hamilton, NZ, on 12 September 2003.
In his paper, Dr Mathews refers to the proposed demutualisation of the Connect
credit union in Tasmania.
See:
Credit Union Proposes Demutualisation
Connect statementon demutualisation.
Earlier
paper by Dr. Race Mathews on Credit Unions and Mutualism
02
September
2003
Credit
Union Proposes
Demutualisation
The Connect Credit Union in the Australian state of Tasmania is proposing to
demutualise - using the typical arguments of demutualisers.
Connect statementon demutualisation.
Race
Mathews - Credit Unions and Mutualism
18
July
2003
Pivot
Demutualisation
Update
The demutualised Pivot is scheduled to be listed on the Australian Stock Exchange
on 28 July 2003.
Analysis of the Pivot demutualisation proposal.
18
July
2003
Stopping
Demutualisation
David Griffiths asks: Should Government legislation be introduced to stop any
further demutualisation in Australia?
10
July
2003
Defeating
Demutualisation
Update on the failed attempt to demutualise the Warrnambool Cheese and Butter
Factory Co Ltd
More
resources on demutualisation in Australia
Race Mathews paper on demutualisation
Co-operative governance
02
July
2003
Bonlac
Demutualisation
Threat
Elders Limited is a major Australian agribusiness and is considering making
a bid for Victorian dairy co-operative Bonlac Foods.
26
jUNE 2003
Defeating
Demutualisation
The failed attempt to demutualise the Warrnambool Cheese and Butter Factory
Co Ltd
Updated
report on defeating demutualisation.
More
resources on demutualisation in Australia
Race Mathews paper on demutualisation
Co-operative governance
24 June 2003
Ten Steps to Co-operative Failure
A
check list of ten indicators of co-operative
failure.
Read also
Why do co-operatives fail as co-operatives?
24 June 2003
The Demutualisation War
Winning a member
vote against demutualisation is only the beginning. How do you win the war?
05
June
2003
Pivot
Demutualises
The
demutualisation
of
the
fertilser
co-op
Pivot
was
completed
by
1
June
2003.
Incitec
Pivot
plans
to
seek
listing
on
the
Australian
Stock
Exchange
in
July
2003.
Analysis of Pivot demutualisation proposals.
05
June 2003
The Warrnambool
Cheese and Butter Factory Co Ltd is proposing full demutualisation.
There will be a general meeting of members on 19 June 2003
in Warrnambool, Victoria, Australia
More
resources on demutualisation in Australia
Race Mathews
paper on demutualisation
16
May
2003
Turning
the
Tide (122KB
pdf)
A new paper by Australian co-operation writer Dr. Race Mathews.
5
April 2003
Demutualisation
Australian co-operative Pivot is proposing to demutualise. Read more.
Demutualisation
Consequences
Australian newspapers continue to run stories on the financial services company
AMP. Five of ten board members have announced their resignations - after AMP
announced a 48% fall in interim profit and with a looming expected net loss
of $896 million - the seventh largest in Australian corporate history. In the
past 12 months, the loss of market value of AMP has been $12.9 billion. Established
in 1849, in 1998 AMP was a mutual with a capital of $8 billion. In 1998 it
was demutualised and it was argued that this was in the best interests of everyone. See
Dr. Race Mathews paper on demutualisation generally.
18
March 2003
Dairy Co-ops and Demutualisation
Australian
dairy co-op considers demutualisation. Read
article
14
February 2003
The Threat of Demutualisation
An article in Victorian rural newspaper The Weekly Times (12 February 2003) illustrates the different values of co-operation and competition and the specious arguments for demutualisation in Australia. More
See Dr. Race Mathews paper on demutualisation.
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