Graziers’ Investment Company shareholders finally get their cash

Zach RelphCountryman
The 36,617 eligible GIC shareholders, accounting for more than two million shares, were distributed their respective investments last Friday.
Camera IconThe 36,617 eligible GIC shareholders, accounting for more than two million shares, were distributed their respective investments last Friday. Credit: Jennifer A Smith/Getty Images

Patient Australian woolgrowers who poured their hard-earned into a company which went bust more than two years ago have been distributed their slice of the more than $20 million owing.

The 36,617 eligible Graziers’ Investment Company shareholders, accounting for more than two million shares, were distributed their respective investments last Friday.

It ended a more than two-year wait — after GIC was put into the hands of liquidators in October, 2017 — with $21 million returned.

Countryman understands shareholders are based in WA, New South Wales and Victoria.

Melbourne-based firm Grant Thornton oversaw the distribution, with principal Ahmed Bise confirming it was complete.

“Members have six months to present their payments,” he said.

“It is still far too early to say how much, if any, will be unclaimed.

“Any un-presented distributions by September 21 will be declared unclaimed and monies lodged with (the Australian Securities and Investments Commission).”

GIC, formerly Australian Wool Services Limited, formed in 2001.

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