Category: KCGO News

KALAMIA CANE GROWERS ORGANISATION LTD – ANNUAL FINANCIAL REPORT

Dear Member

It has been the practice of KCGO to provide members with a hardcopy of annual financial report, directors report and auditors report prior to holding its Annual General Meeting.

Given the current position with COVID-19 and strict measures currently imposed by the Australian and Queensland Governments relating to non-essential gatherings and social distancing practices it is unclear at this stage as to when KCGO will be in a position to hold its AGM. The Corporations Act 2001 – Section 250N requires public companies to hold an AGM within 5 months after the end of its financial year ie. in KCGO’s case by 31st August 2020. ASIC has provided some guidance for companies with a December financial year end who are required to hold their AGM by 31st May 2020 in that it will take no-action against those companies where their AGM is postponed up to the end of July. Should current restrictions of non-essential gatherings continue we would expect further/similar advices from ASIC in relation to AGM’s with a financial year end date of 31st March. It goes without saying that KCGO AGM will not take place prior to commencement of crushing season as was the case last year.

Despite possible delays in holding our AGM, it does not relieve KCGO’s obligation to lodge their annual financial report within four months after the end of the financial year ie. by 31st July. So in fact this year could result in our annual financial report having to be lodged with ASIC prior to presentation for acceptance by members at an AGM.

In relation to the previous provision of hardcopy of annual financial report and in effort to streamline processes, KCGO will be providing report in an electronic format via email prior to Annual General Meeting. Naturally members that do not have access to electronic means will continue to receive a hardcopy for their information.

Should members who have electronic access require a hardcopy you will need to advise this office accordingly, otherwise it will be deemed that you have accepted for an electronic version to be provided. read more

SIGNIFICANT WEATHER EVENT – 27TH/28TH JANUARY 2020

I refer to KCGO original email/post to web page of 4th February regarding the above weather event and assistance sought from growers at the time surrounding damage incurred and approximate cost to rectify.

This information was collated and previously provided to Department of Agriculture and Fisheries (DAF) along with details from other collectives in relation to their members to establish whether there is sufficient data to warrant DAF initial assessment process for Cat C activation or alternatively adequate evidence for a business case for Cat B activation.

Have recently been informed by DAF that Burdekin cane grower organisations have provided details for a total of 29 producers impacted by the 27-28 January 2020 rainfall event, with areas within the region reportedly recording >700mm across the 2 days. Estimate of damages for these 29 producers amounted to approximately $852,500.

The nature of theses impacts and estimated costs of repair vary considerably, ranging from $2000 – $119,000 per enterprise. The vast majority of impacts relate to washouts, headland / paddock erosion and damage to channels and drains. There are some instances of causeway damage, and damage/loss of plant and equipment.

To date only Counter Disaster Operations (CDO) and Restoration of Essential Public Assets (REPA) assistance have been activated in relation to the 2020 rain event that impacted parts of the lower Burdekin. There was no Disaster Recovery Funding Arrangements (DRFA) activation for primary producers. The DRFA activation and support provisions associated with the 2019 monsoonal flood event are discrete, and have no sway in relation to the 2020 rain event.

Based on the information provided, DAF have indicated that it is clear that the impacts sustained from the 2020 rainfall event do not meet the prescribed eligibility thresholds for the Queensland Premier to elevate a DRFA activation case to the Australian Government and Prime Minister for consideration and approval: read more