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LIVESTOCK | 16 May 2008

AWB to pursue Livestock Leasing business


Landmark announced today that it has signed an indicative Heads of Agreement to acquire 100 per cent of livestock leasing business, Stocklease Pty Ltd by the end of June 2008.

 

Stocklease is a Melbourne based company which provides Australian livestock farmers with sale and leaseback options that unlock capital in their business which has previously been tied up in livestock.


Colin Taylor, General Manager of Landmark’s Financial Services division, said Landmark recognises the full value of livestock and Stocklease has a product range that allows the release of significant capital currently employed in livestock.


“Stocklease is a great strategic fit with Landmark’s existing financial products, our extensive geographic spread and our broad customer base,” Mr Taylor said.


Executive Director Stocklease, Mr Marcus Elgin, said Stocklease currently finances some of Australia’s leading livestock producers and meat processors and our relationship has changed the way they do business, providing greater flexibility, more efficient financing strategies and more cash on hand.


“Stocklease had been looking to reach its full potential in the Australian livestock sector, and Landmark has the network and relationships to make this happen,” Mr Elgin said.


Colin Taylor said approximately $20 billon of Australian farmers working capital is tied up in owning livestock and Stocklease provides an excellent opportunity to free up part of this capital, for use by farmers to deploy elsewhere.


“An established Livestock leasing product expands our offering to Australia’s primary producers and will greatly assist our Landmark Livestock team to deliver more cost effective buying solutions to their customers,” Mr Taylor said.


“Stocklease has established the product and the systems over the last three years however it is still a relatively new product in the market and therefore has excellent growth potential.


“Livestock leasing is a good option for farmers in a strong financial position with well established industry experience.


“Landmark’s entry into the livestock leasing business is in line with the Company’ overall strategy to be a leading partner to Australian primary producers.”


Media contact: Peter McBride, AWB Media Relations Manager, 03 9209 2174 or 0417 662 451




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