FOR IMMEDIATE RELEASE
Sale proposal accepted by CHIS ShareholdersCHIS - June 27, 2005 - Consolidated Herd Improvement Services Co-Operative Limited (CHIS) shareholders have voted overwhelmingly to sell the Kyabram based co-operative to ABS Australia. In a strong endorsement of the direction proposed by the CHIS Board, in excess of 80% of votes favoured the resolution to sell the business. CHIS Chief Executive Officer, Shane McCarrey said the positive result delivered the best outcome for shareholders, customers and staff. "This is a wonderful result for all parties involved. The shareholders have selected a strong option, one which will benefit the region and the industry," he said. "We have gone through an exhaustive process over the past two years. The ABS Australia proposal was very strong and we are delighted this offer has been accepted." "Importantly, through ABS Australia we can continue with our vision for herd improvement in the region, ensuring dairy farmers of the Central and Northern districts of Victoria will continue to access quality products and service." ABS Australia General Manager, Steve Fried said the acquisition of CHIS further strengthened the company’s presence in the Australian market. "ABS Australia is pleased that CHIS shareholders have voted overwhelmingly to support the proposal we put forward," he said. "CHIS shareholders can expect to receive continued diversity of semen products from all major suppliers enhanced by new services focused on genetic and reproductive improvement." "The backbone of a strong dairy industry is herd improvement and ABS Australia is committed to working with industry partners and customers to ensure that services are improved to increase customer satisfaction." "We are confident the business has an excellent future in the region, and we intend to ensure it continues to improve." The CHIS Board and shareholder recommendation has been presented to the Co-operatives Registrar and the sale is expected to be finalised within a month. Further information: Jesse NorthfieldHaystac Public Affairs (03) 9909 7817 or 0407 099 469 Based in Albury, NSW, ABS Australia is a subsidiary of Genus plc, the largest supplier of bovine genetics and related reproductive products in the world. For further information please contact Stephen Fried on 02 6026 2226, or sfried@absglobal.com
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