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June 30, 2009 - Oolloo Farm Management has met with The Huntley Group, the new responsible entity appointed, replacing Timbercorp Securities Ltd (Administrators Appointed) across all mango projects.
Robin Poynton, Managing Director and spokesperson for Oolloo Farm Management said that “we have met with The Huntley Group and have verbally agreed on the path forward for our farm management and supply chain agreements”.
“We have confidence in the course of action the new responsible entity is taking and have had the opportunity to be included in the deliberations to develop a plan that we hope will see full farming operations re-commence in the very near future.”
The Huntley Group will communicate directly with the project investors/growers to raise the finance required to ensure the ongoing operations of the mango projects. This payment will improve the potential for a success harvest this season due to commence this October.
“We have always had confidence in our mango projects and we want the investors/growers to have this also.”
“The sooner we get back to full-scale operations, the better the outcome for this season’s crop and, therefore, the better for the investors.”
The appointment of Huntley’s as the responsible entity is not linked to the liquidation of company assets. Recent developments in relation to this potentially accelerates the outcome of the land asset ownership – as distinct from the projects themselves.
Oolloo Farm Management has managed four mango orchards on behalf of Timbercorp and its investors, located at Katherine and Mataranka, NT and Dimbulah and Bundaberg, Qld.
Oolloo has been responsible for orchard management, as well as the harvest and packing operations on all farms.
The administrators ordered the suspension of Timbercorp's forestry and horticulture operations on April 23, while they ‘sorted out funding options’.
A family owned and operated business, Oolloo has been acting in good faith since Timbercorp entered administration and has continued to fund the orchards it had been contracted to manage by Timbercorp and its investors, despite no certainty of being reimbursed.
Oolloo Farm Management employs 30 full time people on mango farms previously managed on behalf of Timbercorp. These positions, and the 200 seasonal harvest positions, are now more certain.
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For more information, please contact Felicity Robson felicity.robson@oneharvest.com.au
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