LIC Space folds for good
Farmer co-operative LIC has closed its satellite-backed pasture measurement platform – Space.
The update will include a timeframe for possible capital requirement to deliver on the strategy; the co-op aims to achieve $1 billion in revenue by 2025.
LIC chairman Murray King says the co-op has a strong balance sheet to fund growth.
He ruled out any plans to list the co-op.
“We reaffirm that LIC will remain a co-operative,” he told Dairy News. “That is sacrosanct; a public listing is not on my agenda.”
King and LIC chief executive Wayne McNee will address the nine farmer meetings, allowing the board and management to meet shareholders face-to-face.
“We haven’t done a roadshow for a long time; the last one was in 2008 when genomic was launched. The business strategy is ambitious and we will give farmer shareholders an update of where we are, especially our international business plans.”
In his letter to shareholders, King said the co-op wanted “an early discussion with you, our shareholders, on the service and solutions we have in development, progress with acquisitions which fit our strategy, and funding options for LIC over the next few years”.
“There is no ‘burning issue’. However, we do want to give you this opportunity to join us in discussing the direction of your co-operative in an open session,” he told shareholders.
The roadshow will also include an update on the Minda and Farm Performance Software.
