I recently had the pleasure of announcing our first ever bonus pool distribution to qualifying members. Payments totaling $825,000 will be made to a total of 531 members. Included in this are 421 members who supplied 192,500 lambs on our weekly over the hooks schedule. These members will receive an average payment of $3.50 per head with a range from $1.75 per head to $6.50 depending on the value of stock delivered.
The distribution was possible because of a record profit of $5.4 million in 2004/05, after allowing for the bonus distribution. Our previous best result was a profit of $1.7 million the previous year.
Members are now seeing the benefits of the reorganization of the co-op the Board undertook in late 2000.
In addition to qualifying for pool distributions also have free access to our Supply Development Manager Rob Davidson. Rob is able to advise members the best way of turning off lambs that meet the specifications our customers demand as well as being able to give advice on how members can improve the profitability of their lamb operations. The appointment of such a highly qualified and competent person is a first in the Australian meat industry.
Members are also given exclusive access to available processing space and forward contracts during certain periods of the year. In November members will be given preferential access to remaining space and contracts for the period February to August next year.
As a co-operative we exist solely for the benefit of our members and if you have not already considered the many advantages of active membership now is the time to do so.
We will be holding our Annual General Meeting in YORK on Wednesday 26 October 2005. The meeting will be preceded by a visit to Tony Boyle’s feedlot commencing 1.00 pm. This will be followed by the AGM in the Federation Room of the Castle Hotel commencing 3.00 pm. The afternoon will conclude with refreshments.
All Board members will be in attendance and this is a great opportunity for you hear more about what we are doing and to communicate your thoughts and ideas on what we are doing right and where you think we can improve. I urge you to come along and participate.
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