June 7 (Reuters) - Graincorp Ltd (GNC) :
- ENTERS INTO 10 YEAR CONTRACT TO MANAGE EASTERN AUSTRALIAN GRAIN PRODUCTION RISK
- CONTRACT WILL TAKE EFFECT FROM 2019-20 FINANCIAL YEAR.
- SUBJECT TO AN AGGREGATE NET LIMIT OF PRODUCTION PAYMENTS TO EITHER GRAINCORP OR CONTRACT COUNTERPARTY OF AUD$270 MILLION OVER 10 YEAR TERM
- EXCLUDING PRODUCTION PAYMENTS, TOTAL PRE-TAX ANNUAL COST OF CONTRACT TO GRAINCORP IS EXPECTED TO BE LESS THAN AUD$10 MILLION
- CONTRACT IS NOT SUBJECT TO A RIGHT OF TERMINATION IN EVENT OF A CHANGE OF CONTROL OF GRAINCORP
- DURING TERM PAYMENT OF $15/TONNE WILL BE MADE FOR EACH TONNE OF ACTUAL EAST COAST OF AUSTRALIA WINTER CROP PRODUCTION IN ANY GIVEN YEAR
- CONTRACT COUNTERPARTY IS WHITE ROCK INSURANCE (SAC) LTD
- FIXED PAYMENT OF AUD$15 PER TONNE WILL BE MADE IN ANY GIVEN YEAR WHICH IS BELOW AN AGREED LOWER PRODUCTION THRESHOLD OF 15.3 MILLION TONNES
- FIXED PAYMENT OF AUD$15 PER TONNE WILL BE MADE IN ANY GIVEN YEAR WHICH IS ABOVE AN AGREED UPPER PRODUCTION THRESHOLD OF 19.3 MILLION TONNES
Source text : http://bit.ly/2QR9XzJ
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