AWB Wins Approval to Change Dual-Share Structure

By Madelene Pearson

Sept. 3 (Bloomberg) -- AWB Ltd., Australia's largest wheat exporter, won approval from its farmer shareholders to end the company's dual-share structure.

AWB got 77 percent of votes to abolish the so-called A-class shares, which are held by grain growers and are non-tradable, Brendan Stewart, chairman of the Melbourne-based company, said today at a meeting.

``The resolution is carried,'' Stewart said at the meeting, broadcast on the company's Web site. ``I now declare that the resolution has been passed and accordingly I direct that the A- class shares now be redeemed.''

AWB failed to get the 75 percent support needed to end the dual-share structure in its first attempt in February and adjourned a second meeting last month because of low voter turnout. The company is abolishing the grower shares to help access funds and diversify after the loss of its monopoly on wheat exports.

AWB's B-class shares, which are traded on the Australian stock exchange, rose 17 cents, or 5.7 percent, to A$3.07 on the exchange at 3:03 p.m. in Sydney.

The company got 18,898 votes in favor of ending the dual- share structure, or 77 percent, and 5,644, or 23 percent, against, Stewart said.

To contact the reporter on this story: Madelene Pearson in Melbourne on mpearson1@bloomberg.net