Farmer-controlled grain business to re-register as plc
Farmer-controlled grain business to re-register as plc
SCATS Grain, the UKs largest farmer-controlled grain business, plans to become a public limited company and change its name to Grainfarmers.
The company will make the change at the beginning of October when it will re-register as a plc and offer clients a free bonus share issue.
It is likely to attract a further 3000 farmer shareholders, but has no plans as yet to be quoted on the Stock Exchange.
This move reflects SCATS Grains development in the past three years from a southern-based grain trader to a national business, says group managing director Tim Pollock. He claims the new identity will reflect the companys farmer-owned nature.
The plc will remain a farmer-controlled business, despite the move. "Shares will only be available to farmers, farmer-controlled businesses and our staff," he adds.
Grainfarmers will be the fourth largest merchant in the UK, trading about 2m tonnes of grain a year. *